The Smart Fund
What is it?
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 sector. It works by using funds from sales of electronic devices which copy, store and share creative content. Manufacturers pay a small fraction of the value of each device they sell into a fund that is paid out to creators.
Why it's important
Every day, millions of people access and store content like music, art, books and films on their personal digital devices. Whether downloading films and albums, or sending pictures to our friends, we use creative content to stay connected and express ourselves.
The Smart Fund is proposed by culture industry organisations that will ensure creators and performers are paid fairly for their work when it is accessed, distributed and stored on digital devices. Leading manufacturers are already paying into similar schemes in 45 countries around the world. UK legislation has failed to keep up with technology, meaning creators lose significant income at home and abroad, as the UK lacks a reciprocal system with other nations, which would generate payments for international cases of private copying.
Leading manufacturers already paying into similar schemes are generating over £900 million a year for creators and performers outside of the UK, while the Culture, Media and Sport Committee has reported that the fund could generate up to £300 million for UK creatives.
Who benefits?
UK writers and other creatives across several industries would greatly benefit from the Smart Fund, both from individual payments and through much-needed additional funding for regional arts and culture projects.
Analysis by Frontier Economics has further demonstrated that there is no evidence of levies like the Smart Fund affecting device prices or consumers. UK citizens will be able to enjoy more fairly compensated artists at no additional costs.
Find out more at www.thesmartfund.co.uk