What isthe Smart Fund
The Smart Fund is a scheme that enables technology manufacturers to work with the cultural industries to pay creators and performers for their work and support the UK’s creative economies
Manufacturers would pay a small fraction of the value of each device they sell into a fund that is paid out to creators.
The Smart Fund will generate a new avenue of creative investment, paying a return to creators and performers for the use of their works on digital devices, supporting their creative overheads and helping to sustain their creative outputs.
Generating between £250-300 million annually, the Smart Fund will help sustain creative livelihoods.
Great ideas, like the Smart Fund, do not come along every day, certainly not ones that will deliver for our economy and for Britain.
Payment for creators and performers
The UK is behind other countries in keeping up with technological developments.
Leading manufacturers are already paying into similar schemes in 45 countries around the world, generating over £900 million a year for creators and performers.
In most of the 45 countries with a similar scheme, alongside the payment to creators and performers, deductions are made specifically for social and cultural funds.