SCOTLAND'S MUSIC BUSINESSES WIN FUNDING FOR NEW FUTURE

4th November 2007

SEVENTEEN applications from music businesses in Scotland have been approved
for funding support from the Scottish Music Futures Fund.

Highlands and Islands Enterprise (HIE) was appointed to administer the £500,000 fund for the whole of Scotland earlier this year. Awards made from the fund are designed to assist those working in the music business to achieve the full economic potential of their businesses.

In Scotland creative industries currently employ in the region of 7 per cent of the workforce employing the equivalent of 100,000 full-time jobs. With a turnover of $5billion (4 per cent of gross domestic product) the sector is strong but is still not performing to its full capability.

The fund offered a small number of grants to a maximum of £50,000 and was aimed at developing the music industry infrastructure of Scotland. Iain Hamilton head of creative industries with HIE said: "In the past Scotland has lacked the scale of companies and the media to control its own distribution channels to reach target audiences. There has been a lack of support to allow companies to reach the scale necessary to compete in a
market place they share with major multinational companies. This means the development work carried out by smaller Scottish companies is lost as artists move to bigger companies in the major centres with little or no return to Scotland."

He added: "Where we do have the basis of the full infrastructure we are seeing real signs of success and strength. Live music would be a good example when you take into account the success and economic returns of T in the Park or Rockness."

The successful applicants were (All amounts shown are the uppermost limit that applicants may draw) - Circular Records (Edinburgh), - £37,500; Delphian Records (Edinburgh) - £38,000; P3Music (Dundee) -£45,000; Clash Magazine, (Dundee) £40,000; Seven Things I Daren't Express (Edinburgh), on-line music company - £35,000; Active, artist agency (Paisley) - £18,000; Rock Action Recordings Ltd, (Glasgow) - £30,000; Vertical Records (Glasgow), record label- £35,000; Benbecula Records, (Dunfermline) -
£15,000; Shoeshine Records (Glasgow) - £20,000; No Half Measures artist management, recording and publishing company (Glasgow) £20,000; Soma Recordings (Glasgow) £20,000; Creeping Bent, management and recording company (Glasgow) - £20,000; Chemikal Underground, record label (Glasgow) - £20,000; Jack's Hoose (Dundee), music production company - £20,000; Neon Productions, music and media production company (Glasgow); Watercolour, studio and media production company (Ardgour)- £30,000.

All of those winning assistance will all undertake a business development session with members of the assessment panel to look at the development of their company and to ensure appropriate targets are set. This will be followed up after a year with a repeat session looking at the position of the company, the structure of the business and its ability to develop further.