A2IM Secures Federal Funding Grant to Bolster International Trade for Independent Music Labels
(Maureen Smith, Deputy Under Secretary of Commerce for Manufacturing and Services, Rich Bengloff, American Association of Independent Music (“A2IM”) President Rich Bengloff, Sheryl Cohen, A2IM’s operations Manager, Daryl Friedman, The Recording Academy’s Vice President-Chief Advocacy & Industry Relations Officer)
A2IM has secured the music industry’s first MDCP federal funding grant, which will be used to expand A2IM’s international trade missions and bolster independent music exports. The funding was awarded by the Market Development Cooperator Program (MDCP) in partnership with the Commerce Department International Trade Administration (ITA) and with the support of New York Congressman Jerry Nadler and The Recording Academy as a strategic partner.
A2IM’s first government funded trade mission to Asia kicks off in September and aims to strengthen America’s share of the international music market – according to The International Federation of the Phonographic Industry (IFPI), this share has decreased from 34 percent in 2005 to 26 percent in 2011. Delegates from 15 A2IM label members including ATO Records, Daptone Records, Ultra Records and VP Records plus a Recording Academy representative will be making stops in Seoul, Shanghai and Hong Kong, to meet with music buyers and learn about each market’s music distribution (physical and digital), mobile licensing, event booking and sync licensing opportunities. This pilot mission was funded by an earlier State Trade and Export Promotion (STEP) grant from the federal Small Business Administration and the states of New York and Tennessee. The new MDCP funding will expand the program inviting label members from across the U.S. to visit South America, Europe and other parts of Asia including Japan.
Emerging foreign music markets are an underutilized revenue stream for the Independent music community and A2IM’s mission for these programs is to obtain tangible economic gains abroad for its members. A2IM’s trade missions and the MDCP award underscore initiatives created by the Obama administration which were created to invest in small and medium-sized businesses that create intellectual property, in turn creating jobs and improving the balance of trade by increasing exports abroad.
Read Billboard’s Coverage By Ed Christman HERE.
Read The Commerce Department’s Press Release HERE.
Read Ben Sisario’s Article in The New York Times Sept, 2, 2012) HERE.