Some indie music labels in the UK will be receiving funding to promote promising artists overseas. This is being done to support the governments objective of rebalancing the economy more towards exports.
Many artists including multi-instrumentalist Imogen Heap, and the AC/DC support band the Answer, will benefit from the £2.5m export growth scheme. This is set up by UK Trade and Investment (UKTI) and music trade body (the BPI) to help smaller independent labels increase international sales. This will help British artists make their mark around the world, and can ultimately bring additional jobs into the UK economy.
Independent music companies will receive just over £250,000 in the latest round of funding. £500,000 was distributed in earlier rounds in February and May. The initiative will make up to £2.5m of grants available over a two and a half year period.