MUSIC BES funds must target new and emerging talent, the Minister for Finance, Mr Quinn, told delegates at the In The City conference yesterday.

Making the keynote address at the popular music conference Mr Quinn told the delegates that the BES for Music had been specifically designed to stimulate investment in the production publication, marketing and promotion of new and emerging talent.

"It is not intended to fund either artists who are well established or activity which is already taking place in the industry," he said.

He added that although the music industry in Ireland employed 10,000 people and was worth over £160 million to the economy, it was an "extremely high risk area".