The UK\u2019s Music Managers Forum has published a new study suggesting music managers contribute GBP \u00a3714 million (USD $974 million) in value to the UK music industry.<\/p>\n
The study, revealed at the MMF\u2019s Manager Summit in London on Tuesday (September 16), is claimed to be the first comprehensive study of music managers\u2019 economic impact.<\/p>\n
The research, conducted by\u00a0RMR<\/strong>\u00a0Research<\/strong>,\u00a0Jem<\/strong>\u00a0Associates,<\/strong>\u00a0and\u00a0The<\/strong>\u00a0Hub<\/strong>, found that each \u00a31 i<\/b>nvested in management services generated \u00a38 <\/b>across the broader sector.<\/p>\n According to the study, artists, songwriters and producers capture 88%<\/b> of the total value, equivalent to \u00a3627 million <\/b>($855m), through increased earnings, productivity and business connections facilitated by their managers.<\/p>\n The remaining value flows to independent labels, music publishers, booking agents, lawyers and brand and marketing professionals through what researchers described as a \u201cripple effect,\u201d according to the report, which you can read here<\/a>.<\/p>\n \n \u201cAs the researchers themselves highlight, if music managers disappeared overnight, then the impact on the rest of the industry would be unthinkable!\u201d<\/p>\n Annabella Coldrick<\/a><\/b>, Music Managers Forum<\/span><\/p>\n<\/blockquote>\n Annabella Coldrick<\/b>, Chief Executive, Music Managers Forum, said: \u201cAs the researchers themselves highlight, if music managers disappeared overnight, then the impact on the rest of the industry would be unthinkable!<\/p>\n \u201cFor the MMF, this is an incredibly important piece of research that, for the first time, places a tangible value on the roles that managers perform \u2013 both directly for their clients and as a ripple effect across the wider music industry.\u201d<\/p>\n Coldrick continued: \u201cWe hope the findings will instill greater acknowledgement and appreciation of the increased demands on managers, and acceptance of those who are breaking free of industry conventions and pursuing new commercial models.<\/p>\n \u201cWhile there is no one single approach to music management, the MMF believes there should be shared and unified expectations of the standards and skills needed to operate professionally.\u201d<\/p>\n Paul<\/b> Bonham<\/b>, Music Managers Forum<\/span><\/p>\n<\/blockquote>\n The findings come as MMF introduces a tiered membership structure designed to serve managers at different career stages: Emerging, Standard, Professional and Company memberships. The organization will launch a certification program for \u201cPro\u201d members, requiring a two-hour exam covering key management responsibilities.<\/p>\n The MMF<\/a> expects to announce its first 30 \u201ccertified\u201d managers by mid-November. Paul<\/b> Bonham<\/b>, Professional Development Manager, MMF, said the program aims to establish \u201cunified\u201d standards for professional operation.<\/p>\n Bonham said:\u00a0 <\/span>\u201cWhile there is no one single approach to music management, the MMF believes there should be shared and unified expectations of the standards and skills needed to operate professionally. The aim of our Certification Program is to set these standards, and to engender greater recognition and understanding of the role played by members of our community.\u201d<\/p>\n The certification program was developed in partnership with experts from Prager<\/b> Metis<\/b>, SRLV<\/b>, ICONAC<\/b>, CMU<\/b> and Simkins<\/b> LLP<\/b>, and incorporates guidelines from the Creative Industries Independent Standards Authority (CIISA).<\/b> \n \u201cIt is incredibly encouraging to see the launch of this tailored program by the MMF, which will help managers hone their skills and in turn better support artists, wherever they are signed.\u201d<\/p>\n Dickon<\/b> Stainer<\/b>, Universal Music UK<\/a><\/span><\/p>\n<\/blockquote>\n The initiative has drawn support from major industry players including Universal Music UK, Sony Music UK<\/a>, AIM<\/a>, Beggars Group<\/a> and Featured Artists Coalition<\/b>.<\/p>\n Dickon<\/b> Stainer<\/b>, Chairman & CEO, Universal Music UK, said: \u201cIt is incredibly encouraging to see the launch of this tailored program by the MMF, which will help managers hone their skills and in turn better support artists, wherever they are signed.\u201d<\/p>\n Sony Music UK added: \u201cSony Music UK welcomes the MMF\u2019s new manager certification program. With its aim to benefit artists and make the industry stronger, this complements the ongoing work record labels are also doing to improve education and build an infrastructure to support long, prosperous careers.\u201d<\/p>\n Alongside the membership structure changes, the MMF published a guide to alternative investment options, which members can access for free<\/a>. The guide aims to help\u00a0managers understand the investment environment and make their businesses and clients \u201cinvestible\u201d funding targets.<\/p>\n The publication contains a directory of fintech firms and catalog acquisition companies, plus strategic advice from MMF Associate Joseph Davis<\/b>, Partner & Head of Corporate at Bray & Krais<\/b>.<\/p>\n \u201cWith its aim to benefit artists and make the industry stronger, this complements the ongoing work record labels are also doing to improve education and build an infrastructure to support long, prosperous careers.\u201d<\/p>\n Sony Music UK<\/span><\/p>\n<\/blockquote>\n At Tuesday\u2019s summit, Sound Royalties CEO and Founder Alex Heiche delivered the keynote address. A series of three panels were also held to discuss management value and investment. The panels featured Kim Frankiewicz<\/a> (Concord Music Publishing<\/a>), Rob Challice (Wasserman), Cam Blackwood (Rezonate Music), Jennifer Horton (Matrix Equity Partners), Allesia Avallone (Language of Sound), Maarten Puddy (VOWTA), Ludovic Hunter-Tilney (Financial Times), Ric Salmon (ATC Group), Daniel Ross (Ross Bennet Smith) <\/b>and Chlo\u00eb Roberts (Young).<\/b><\/p>\n The MMF also elected two new board directors this week<\/p>\n\n
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