INDUSTRY RALLIES TO SAVE VENUES 

Supporters have rallied to Music Venue Trust’s Own Our Venues campaign, which has attracted funding from Sony Music, Warner Music, PPL, Ticketmaster and others.

The initiative aims to purchase the freehold of grassroots-venue properties via a Charitable Community Benefit Society, Music Venue Properties (MVP). MVT wants to raise £3.5m in initial investments to acquire nine venues, which they plan to purchase by the end of the year.

Sony U.K. boss Jason Iley said the label is “delighted” to back the project to help provide local venues with more stability so they can thrive “for the good of artists, fans and local communities.”

Said Warner Music U.K. CEO Tony Harlow, “Britain’s grassroots music venues are an essential part of our musical history and future. We hope this project will make a real difference to artists, fans and communities across the U.K.”

Ed Sheeran was announced as a backer in September. He’s since been joined by a number of entities, which include the Music Managers Forum, trade body LIVE, charity Help Musicians, Ben Lovett’s TVG (The Venue Group) Hospitality and Music Business Worldwide’s A&R Awards.

After the pilot project, further venue freeholds will be identified and secured as they become available. Venues will be offered an immediate rent reduction on completion of purchase and help with building repairs and insurance, with long-term security and market-resistant rents guaranteed.

“I don't want to keep walking in and out of people's offices for the next decade begging for short-term cash because this or that beloved venue is under threat of closure,” MVT CEO Mark Davyd said of his motivation for the campaign. “With the Own Our Venues initiative, Music Venue Trust has created a real, long-term, deliverable solution to the challenges facing grassroots music venues, and we are delighted that its value is being recognized by leading voices in our industry.”