In a busy day for announcements about music-related funding of different kinds, industry body Music Technology UK has published its latest report: focusing on government investment in music-tech startups.
It calculates that the UK government’s Innovate UK arm has invested £14m in British music-related startups in the 2020-2024 period, although this was only 3.9% of the total funding in the sector.
The report makes the case for this public-sector funding paying its way with “every pound invested returning £1.25 in additional private investment”.
The figures are based on 141 awards across seven different funding categories, with 85% being R&D grants. The report noted that just under 60% of this funding went to London-based firms, although this was considerably less than the 94% of private investment hoovered up by companies in the capital.
This being a report about policymaking, of course there are some demands. “With public funding amounting to just 3.9% of total sector funding, we’re leaving value on the table,” said MTUK boss Matt Cartmell.
“Music tech needs a meaningful share of the Government’s £500 million creative industries package to catalyse private capital and scale music tech’s vast potential.”
