Music industry: the State promises 500 million euros to support the French sector

€500 million for the French industry. The French government is committed to financing music sector companies to the tune of €500 million by 2030 through the public investment bank Bpifrance, the Ministry of Culture announced on Monday, June 16.

"This is not just a number. It's an ambition. It's a massive funding plan," said Culture Minister Rachida Dati during the opening speech at France Music Week, a new event aimed at promoting the sector. The funding will be allocated in tranches of €100 million per year, the ministry said.

In detail, this envelope includes 125 million euros of equity support, i.e. fundraising for fast-growing French companies, international development projects or consolidation projects through asset purchases.

It also includes 340 million euros in loans or guarantees to "ensure the medium and long-term development of profitable French companies in the music industry," according to the Ministry of Culture.

Finally, it includes 35 million euros of support for innovation through various schemes and calls for projects from the public investment bank.

In addition to these 500 million euros, there will be "support provided by the National Centre for Music (CNM), which amounted to 60 million euros per year on average over the period 2020-2024" , according to a press release.

These announcements come in "a context marked by an evolution of creation and distribution models, notably with the development of artificial intelligence and digital platforms, as well as increased international competition," the Ministry of Culture stressed.

The program for the first France Music Week includes conferences at the Maison de la Radio et de la Musique in Paris, as well as a summit on Friday at the Opéra Garnier bringing together the "high level" of music from around the world.

A large free concert in the Louvre gardens on Saturday, the day of the Fête de la Musique, will mark the closing.