Economic and cultural benefits from strong music Industry

Treasurer Bill English said he was pleased to have been involved in the music initiative announced today because of the potential economic as well as cultural benefits from a stronger music industry.

"I've been talking about the knowledge economy and generating growth from the raw material of ideas for some time. The music industry is an ideal example of how we can create value out of our intellectual capital - in this case the skills of the songwriter and the talent of the performer.

"A strong music industry will contribute to New Zealand's economic growth as well as strengthening our cultural identity. The potential is clear from the industry's goal to increase sales of New Zealand music by $100 million a year.

"We have some tremendously talented young musicians and performers in New Zealand and we need to foster their talent.

"The Music Industry Forum will coordinate efforts to provide them with the support and advice they need to succeed. Government is providing leadership through a grant of $200,000 per year for the Forum for the next two years, to be matched by support from business.

"Giving New Zealand music more air-time through a radio station dedicated to young people will also provide the boost that the industry needs to grow," said Mr English.