Government Culture Fund / Grassroots venues receive £3.36m as streaming generates £771k per Hour
22 August 2020
The UK Government has split the £3.36m portion of the Culture Recovery Fund allocated to grassroots venues between 135 venues, with four companies receiving the maximum £80,000. Scotland, Wales and Northern Ireland are managing their own emergency funding, with £188m to be divided across the entire arts sector.
The news come as Music Business Worldwide reports that the three major record labels, Universal Music Group, Sony Music Group and Warner Music Group, have generated, according to MBW estimates, over £771,600 Per Hour during Q2 2020 from streaming alone.
Although, in England, socially distanced indoor performances are now allowed, there are very few happening, as the running costs are larger than the revenue generated by the reduced audience numbers allowed. The Music Venue Trust have suggested that only 100 of the 900 grassroots venues could operate under these current conditions.
Culture secretary Oliver Dowden said in a statement: “This government is here for culture and these grants today show we are determined to help our exceptional music industry weather the Covid storm and come back stronger.
“Grassroots music venues are where the magic starts and these emergency grants from our £1.57bn fund will ensure these music venues survive to create the Adeles and Ed Sheerans of the future.”