Photo Credit: Music Venue Trust
Music Venue Trust is fast approaching its $3 million target for ‘Own Our Venues,’ the grassroots initiative to secure the long-term future of UK live music venues.
Music Venue Trust (MVT) is nearing its £2.5 million ($3 million) fundraising target for its “Own Our Venues” initiative to intervene in the ownership of the UK’s grassroots music venues (GMVs). MVT has raised over £1.8 million and set a final deadline of March 30 to secure the remaining funds to acquire nine venues in the project’s first phase.
Launched as a crowdfunded project in June 2022, “Own Our Venues” is the first step in a long-term campaign to take control of the freeholds of music venue premises and bring them under a protected status of ownership. The concept for MVT’s initiative is built on the Community Share model that has seen widespread success in saving and protecting UK pubs, post offices, and sports grounds.
After its initial goal to acquire nine venues in its first phase, more venue freeholds will be identified and secured as they become available. Upon completion of the purchase, the venues will be offered an immediate rent reduction along with contributing help to building repairs and insurance while guaranteeing long-term security and market-resistance rent.
Since the launch of the “Own Our Venues” initiative, hundreds of individuals, companies, and organizations have pledged support to the project, including high-profile investors like Ed Sheeran, Frank Turner, and musician-turned-venue-owner Ben Lovett, alongside powerful music industry companies like Sony Music Entertainment and Warner Music. Arts Council England has also confirmed a grant of £500,000 to the project, which was not included in the crowdfunded total.
“We know that changing the ownership model of grassroots music venues is the single most important change we can make to this sector,” says Mark Davyd, CEO and Founder of MVT. “The best people to Own Our Venues are the people who love them, need them, and use them. We want to see everyone who has a stake in the future of these venues become a direct financial stakeholder in that future: local communities, artists, audiences, the music industry. The success of these venues is vital to the future of live music for all of us. This isn’t a time to sit on the sidelines hoping someone else will do this for us — it’s down to us to make it happen.”