Financing small music businesses in the UK

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Cultural Industries and Urban Development Banking stability, regulation, efficiency Music History and Culture

Abstract

The government regards the UK music industry as a ‘great economic success story’. It is keen to see that ‘success’ developed still further. However, it has long been recognised that one of the main barriers to growth for the industry is access to finance. Anecdotal evidence has pointed to a range of specific problems facing small music businesses as they seek the necessary finance to run their affairs successfully. Up until now, however, there has been little in the way of hard evidence to back this up. This chapter presents the results of a research project commissioned by the Department for Culture, Media and Sport that identifies the finance options being used, as well as the actual problems being faced by small music businesses. It also extends that analysis to present some new findings on the different financial profiles of classical and non‐classical music businesses. Among the key findings of the research is evidence that the overall proportion of bank finance used by music businesses is appreciably lower than the average for small businesses in general. This is despite the fact that the relatively modest proportion of music businesses refused bank finance (9 per cent) is the same as for the small business sector as a whole. Surprisingly, perhaps, classical music businesses are shown to have a significantly higher take‐up of bank finance and a range of other external finance sources than non‐classical music businesses. The closing section of the chapter discusses the implications of these findings; the question as to where support for the music industry can best be targeted is addressed; and the benefits of gaining a more sophisticated understanding of the music industry value chain are highlighted.

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References

1997Standing Room Only: Strategies for Marketing the Performing Arts 1991All you need to know about the music business 1999Increasing Returns and Social Contagion in Cultural Industries 2000Teaching and learning entrepreneurship for micro and small businesses in the cultural industries sector 1999Access, efficiency and excellence: Measuring non‐economic performance in the English subsidised cultural sector 2000The value of music in London

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