PRS Foundation have confirmed that future Momentum applications for artist funding can include an ‘Artist Manager Project Contribution’ budget line from May 2018
From May this year, following advice from the Music Managers Forum, PRS Foundation will recognise that for many artist managers industry trends have presented significant barriers to entry and income uncertainty. As a result, artist managers applying on behalf of artists to the Momentum Music Fund who are able to justify project management cost allocations may include a fair sum under ‘Artist Manager Project Management Contribution’ within the Expenditure Section of their Budget submission.
The funding guidelines state;
“Many applications are made by artist managers on behalf of individual artists and bands. Artist managers make a significant contribution in terms of planning, managing and implementing planned Momentum projects. Since launching in 2013, PRS Foundation has found that in many cases artist managers are contributing financially to ensure a project goes ahead. We expect and plan for this trend to continue, particularly where established managers and large management companies are involved.”
The news is a welcome extension of Momentum, which has had a significant impact on long-term income generation for artists and their management teams.
Fiona McGugan, MMF, said, “Whilst there is growth of investment in to Artists from management companies, there is an increasing risk of losing a pool of talented Managers who develop artist businesses from day one. In recent years, the Manager’s role has increased, but the level of commissionable income is decreasing and the value of good management is not being fully recognised. Through ‘Artist Manager Project Contributions’, PRSF applications will now place a monetary value on a Manager’s time, (even through in-kind contributions), which brings the music industry in line with funding guidelines around the world who require committed project management. The MMF is delighted that PRSF is the first music funding body to introduce this measure and we hope to see others follow suit.”
Joe Frankland, Senior Grants and Programmes Manager, PRS Foundation, said, “PRS Foundation is celebrating 5 Years of the Momentum Music Fund which has enabled over 270 artists so far to set up long-term, sustainable careers and has generated over £12m for the UK Music Industry. Momentum is designed to stay ahead of industry trends so we welcomed discussions with the MMF to address some of the financial barriers faced by new and independent managers. Our new guidance recognises those barriers and the vital contribution managers make to overseeing successful projects.
The ‘5 Years of Momentum’ Report is launched at The Great Escape on Friday 18th May at The Old Courtroom from 12noon.