Funding for music comes in various shades and forms. It could be in the form of grants, education scholarships, competitions, free music promotion, recording contracts, and instrument and equipment funding. We could categorise the different types of music business funding based on by source of funds, geographical region where fund can be used and so on. In this paper we shall restrict the discussion to the different sources of funding for music businesses available to persons living within the UK. Towards the end of the paper we shall place an emphasis on funding for pop and rock music.
Starting with sources of public funding, there are three main government funded bodies that offer funding for music in England. These are the Arts Council England, the British Council and UK Trade and Investment (UKTI). Local counties also offer funding in form of small grants to artists who reside within those counties. With internationalism and globalisation being the drivers of modern economy the three bodies have also taken steps to strengthen the British music brand internationally.
Arts Council England provides grants to a diverse genre of music therefore competition is definitely high and success is generally determined by the artistic quality of the applicant’s work (Artistic Assessment n.d.). The Arts Council’s Grants for the Arts is open to any UK citizen or EU citizen so long as the majority of the funded activity takes place within England. However, up to 15% of any grant given could be spent on activities outside England (Artistic Assessment n.d.).
The Arts Council also has an investment portfolio for music that includes more than 134 regularly funded organisations. The total financial support given to these organisations in 2008/09 was £98 million, an amount that was to rise to £104 million by 2010/11. This portfolio