The recently launched LIVE Trust has announced it has already secured over £500,000 (€588,000/$670,000) in ticket pledges from UK tours.
The trust was established by trade group LIVE back in January, and receives funding from a voluntary contribution of £1 per ticket from arena and stadium shows with a capacity over 5,000.
Funding is then distributed in support of grassroots music from artists and venues, through to festivals and promoters.
So far, contribution pledges have come from international and domestic artists touring in the UK including Pulp, Diana Ross, Mumford and Sons, and Hans Zimmer.
“This is a welcome milestone for The LIVE Trust and marks a very significant contribution to the grassroots live music sector,” said Jon Collins, chief executive of LIVE.
“What this demonstrates is that there is a real appetite from performers and their teams to support the wider live ecosystem and we applaud and thank those that have already taken this initiative. Whilst this is an excellent start there is still much work to do if we are to convince the government that a voluntary rather than statutory levy is both workable and sustainable.”
Last week, it was revealed that music fans would very much like to see £1 from each arena or stadium concert ticket going towards grassroots.
Some 93% of respondents to the Music Fans’ Voice survey said they would support a levy in the UK.