Government Pledges To Help Independent Labels

Independent record labels are set to get a boost after the government pledged to help small companies make it big.

Music minister James Purnell has said that small music firms are “vital” for the economy and for nurturing new bands and has launched a study into the support for independent companies.

The study will shape the government’s future policy and says Purnell will help "break down the financial barriers" to growth.

The BBC reports that the music industry currently generates £5bn for the economy and employs 130,000 but many small companies find it hard to get off the ground.

Purnell says: "We know the symptoms, now we must find the cause. This study will, for the first time, give us real, robust data which will help inform our future policies.”

"It goes without saying - the small music businesses are vital, not only to the industry itself, but also to our culture and economy.”

He went on to add: "Without the independent record labels and publishers - who discover much of our new and successful talent - we would be starved of great British acts such as Franz Ferdinand or Bloc Party."