00:00Liverpool's reputation as a city of music is already known around the world.
00:05Now, city leaders and industry partners hope a new international hub
00:08will help turn that reputation into even more investment, innovation and business growth.
00:14Later this year, HOME, which stands for House of Music and Entertainment,
00:18plans to open a new base at the Royal Court.
00:21The organisation describes itself as a global network connecting entrepreneurs,
00:26investors and creatives through collaborative workspaces, events and international partnerships.
00:31Backed by Liverpool City Council, the Liverpool City Region Combined Authority,
00:35Music Futures and Music Technology UK,
00:38the new hub is intended to provide a dedicated base for businesses
00:41working across music and music technology while helping them connect with international markets.
00:47The Royal Court site is expected to host investor showcases, networking events,
00:52international delegations, business support programmes and collaborative projects,
00:57all aimed at encouraging innovation and attracting inward investment.
01:01The announcement reflects Liverpool City Region's growing focus on music innovation.
01:06According to a report commissioned by Liverpool City Council
01:08and published with the Liverpool City Region Combined Authority,
01:11the region's music economy is already worth around £780 million each year
01:17and supports more than 14,000 jobs.
01:20That same report concludes the sector is on course to become a £1 billion industry by 2035.
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