The Music Fund plays the role of promoting Icelandic music and supporting the distribution of Icelandic musicians and their music. The Fund targets professional musicians, orchestras, bands and choirs. The Fund is divided into two streams: Music, and Marketing.
The Music Fund fiscally supports various music projects and concerts across the country. Projects can be on an individual or cooperative basis, musical groups, festivals and various other concerts and events. Projects can be general musical activities as well as promotional and marketing activities for music and professional musicians. Projects are usually funded on a yearly basis and are not intended to cover operational or organizational costs.
Since 2005, the Music Fund has supported numerous musical projects, festivals all over the country and promoted Icelandic musicians and music abroad. The Fund financed the participation of Icelandic composers in the Young Nordic Music (Ung Nordisk Musik) festival in Sweden in 2019, memorial concerts for Grammy nominated composer Johann Johannsson, a children's music festival in the north of Iceland and concerts in relation to the Gay Pride festival in Iceland.
Through the Fund's support, rural Iceland has an opportunity to throw festivals on a level that would not be possible without financial aid from the Music Fund. The Fund plays an integral role in the promotion of Icelandic musicians and increasing accessibility of the general public, both nationally and internationally, to their works. The Fund gives artists and music event organizers the opportunity to focus on the creative side of their projects rather than the financial viability and profits of the project.
In 2019, 524,311.66 USD was allocated to the fund from the State Treasury (71.6 million ISK).
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The Icelandic Centre for Research (RANNÍS)