For an artist who composes records and performs rock and /or pop music, the following sources of funding are available. The BBC Performing Arts Fund Urban Music Talent scheme is for emerging urban music artists, managers, producers and so on aged between 18 – 30 years. The scheme provides the artist with advice, contacts, a business mentor, training and working capital (BBC Performing Arts Fund n. d.). Individuals receive up to £ 10,000. Another possible option is the Musicians Benevolent Fund which assists musicians, of all ages and genres, who create, play or teach music.
Membership to the organization is not mandatory for qualification for assistance. Musicians Benevolent Fund’ s strength is with regards to helping young artists search for relevant award schemes for their music, they offer their own awards and provide opportunities for networking e. g. performing at events organized by Making Music members (Young Artists n. d.). Unions are a viable way of building networks among peers through membership. This implies that joining the Musicians Union is also viewed as a means for obtaining funding for the music business. Funding need not necessarily be in cash it could be in the form of provision of contract advisory services, provision of instrument protection kits and opportunities for lifelong learning e. g.
the Musician’ s Union has its own industry-specific training modules, etc. A newer method of seeking funding that is gaining popularity especially for popular genres of music such as pop and rock is through fan-funding and/or donation sites. A growing number of musicians seek the support of their fans by asking them to contribute towards the costs of an upcoming album. In conclusion, we do admit that finding funds especially to finance a music business is a daunting challenge.
Most of the non-credit based funding available is in the form of Music Awards that are highly competitive. The new business model of fan-funding is by far the most attractive option for upcoming artists because it not only aids with production costs but also it gauges the popularity and likelihood of success of an emerging artist’ s music.
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