A new independent report has found that PRS Foundation’s International Showcase Fund (ISF) has helped generate millions for the UK economy over the past five years.
The report, which you can read in full here, examines the significant impact the fund — which supports music creators making their first steps into overseas territories, such as performing at live international showcases — has had since 2019.
Conducted by Tom Fleming Creative Consultancy and launched at this year’s WOMEX in Manchester, the report found that for every £1 of ISF investment, supported music creators have generated an additional £5.40 in revenues.
Since 2019, the fund has helped generate £6.7 million for the UK economy while benfitting the careers of hundreds of music creators, including the likes of Alfie Templeman, Bellah and Porij, across the country.
93% of ISF grantees said in the report that the support they've received from the fund has helped them reach new audiences, while 92% agreed that funding had increased their international profile.
The report also found that the fund has diversified in recent years in order to tackle barriers for underrepresented music creators. 67% of ISF grantees since 2019 have been based outside of London, while 57% identify as women, gender-diverse or in mixed gender groups. 33% of grantees, meanwhile, identify as belonging to the Global Majority.
Further investment in the fund is needed, the report adds, due to such challenges as Brexit, the cost-of-touring crisis, growing visa costs and increased competition.
Speaking about the findings of the report, Joe Frankland, CEO, PRS Foundation, said: ‘Since its launch in 2006, the International Showcase Fund (ISF) has enabled thousands of artists and songwriters to export their music and to reach audiences globally. We are in tune with the needs of the creative community, so the evolution of the fund has helped to ensure creators from all backgrounds access international opportunities and make their first steps count.
‘This new report highlights the growing importance of ISF and the impact the initiative is having. Thanks to the investment of time, knowledge and funds from ISF partners, we are bolstering the careers of exceptional creators working in any genre, anywhere in the country. The collaboration between UK Government, Arts Councils, music industry membership and trade bodies and showcasing experts plays a huge part in the UK punching above its weight internationally.
‘But in a fast-changing ecosystem, and within the context of increased costs, bureaucratic restrictions, and increased competition, it is clear that ISF support is more crucial than ever.
‘As we celebrate the economic and cultural impact of the fund for the wider sector and for international touring artists of the future, we look forward to transforming the global careers of many more creators for years to come.’
Andrea Czapary Martin, CEO, PRS for Music, added: ‘As the largest funder of PRS Foundation it is promising to read the significant impact of ISF.
‘The fund was launched to connect music creators with showcasing opportunities around the world, and it continues to do so in abundance with results showing ISF is breaking barriers and shaping a fairer industry for exceptional talent across the UK.'
