A music fund to support independent artists has helped with the creation of more than 160 albums and generated some £13 million for the British music industry, it has been announced.
The Momentum Music Fund, set up by the PRS Foundation and Arts Council England in 2013 to develop new talent, has also supported more than 180 UK tours and over 1,000 live dates, according to a five-year independent evaluation.
The fund provides grants of between £5,000 and £15,000 to musicians based anywhere in the UK to support activities such as recording, touring and marketing.
To date it has supported 273 artists and bands and past beneficiaries include Years & Years, Little Simz and Public Service Broadcasting.
Some 43% of grants have gone to either female or mixed gender groups and 49% have gone to BAME (black, Asian and minority ethnic) artists since ethnicity monitoring began in 2014, the report said.
Demand for the fund has also outstripped supply, the report found, with a total of £45 million being requested and more than £2.5 million awarded.
Vanessa Reed, chief executive of the PRS Foundation, said: “This five-year partnership with Arts Council England has resulted in one of the most successful programmes PRS Foundation has ever delivered.
“Combining public funds with industry backing and expertise, it presents a unique investment model for emerging artists as part of an evolving ecosystem for music.
“I look forward to growing this fund over the next five years with new and existing partners who share our passion for supporting diverse talent and sustainable careers.”
Managed by PRS Foundation, the Momentum Music Fund awards grants of up to £15,000 using funds from PRS Foundation, PPL, Creative Scotland, Arts Council of Wales and Welsh Government. Spotify contributes extra funding in addition to a reward package.