Music industry wants next government to ensure availability of finance
April 13, 2010
It has been reported that groups from the music industry are calling on the next government to ensure that the availability of finance in the UK is increased. Officials from the music industry have said that the industry is at risk because banks are refusing to lend money to labels, entrepreneurs, and artists. Executives from the music industry have said that the industry is at risk because of the refusal of banks to lend to music start ups.
The music industry said that it wants to ensure that the next government will address the situation when it comes to the lack of finance being made available by the banking industry. They added that this was preventing the music industry from accessing state sources of funding.
Executives have claimed that in the past year £1.3 billion has been made available under the government’s Enterprise Finance Guarantee, but that none of this funding has been put into the music industry, even thought the Department for Business, Innovation and Skills said that ‘music composers and own account artists’ were worthy of funding. Both Music Manager’s Forum and UK Music have called for changes to be made to increase funding.
An official from the Music Managers Forum stated: “Whoever comes into power must recognise that we have naked discrimination against music and we need to do something about it: either fix the mechanism that we already have or create something new.”
UK Music has called for the next government to work with music labels and managers to improve access to finance over the coming years. The group has developed a manifesto that is focused on making improved funding a priority within the music industry over the next ten years.
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