EU-backed LIVEMX launches with $4.4 million and aims to “promote a more diverse and sustainable music sector in Europe”

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EU backed LIVEMX launches with 44 million and aims to promote | Richmcculley

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Porto, Portugal. Credit: Everaldo Coelho

The European Union, European live events representative Live DMA and Portugal-based consultancy INOVA+ have officially launched LIVEMX, a project that aims to “promote a more diverse and sustainable music sector in Europe”.

The debut of LIVEMX – and the €4 million (currently $4.36 million) in music industry funding – was revealed at a recent official event release of the parties involved and a financial one tear down published on the website of the European Commission. On the latter page, the relevant profile shows nearly €4.50 million ($4.91 million) in total EU contributions to the initiative, with the lion’s share of the multi-million dollar tranche going to INOVA+.

INOVA+, 26, is also in charge of coordinating LIVEMX and has been leading the European Music Council’s MusicAIRE since 2021. To date, this separate project is said to have distributed around €2 million ($2.18 million) in grants in support of the music space’s recovery from COVID-19 restrictions.

To expand on this goal, LIVEMX is now ready to provide the above €4 million “grant and capacity building measures” – with a focus on “music export”, venues and “digital distribution and engagement” – to 90 beneficiaries who work together forwarded entities.

Meanwhile, INOVA+, Live DMA and the European Music Exporters Exchange (EMEE) issued statements on their respective goals for LIVEMX. LIVEMX is expected to solicit opinions via an online survey to ensure its efforts are “relevant and well-structured.” In addition, LIVEMX is preparing to launch the grant application process later in 2023, with operations planned for a total of three years.

“LIVEMX is a project and opportunity that fits perfectly with EMEE’s mission and the European music export strategy developed with the Commission over the last three years to support a stronger, more diverse and innovative music industry sector through collaboration, mobility and capacity building. said EMEE, which consists of 32 music export offices.

And in its own comments, INOVA+, while not detailing its plans, pointed to the overall goals of “supporting the growth of the European music sector” while promoting “exciting grassroots opportunities with European added value”. plus, inside job advertisement For a part-time communications and production assistant, LIVEMX explained the nature and goals of the finance-focused company.

Last week, France’s SACEM released its financial figures for 2022, which included record revenues of over 1.41 billion euros ($1.54 billion). Although digital revenues reached nearly 500 million euros ($545.23 million), contributing to the year’s record revenues, the company also noted that despite a significant improvement over 2021, “general rights” have not returned to 2021 levels returned before the pandemic.

Also in June, UK-based organization Tickets for Good, which provides healthcare workers with free and discounted tickets to fill their partners’ venues, announced £500,000 ($635,917) in funding. In announcing the capital milestone and supporting Robbie Williams, the company highlighted plans to expand into additional territories.