The Welsh government has announced the launch of the National Endowment for Music, which is intended to offer new and innovative ways of supporting young people who wish to develop their talents in music.
It is a joint initiative between the Cabinet secretary for economy and infrastructure Ken Skates and Kirsty Williams, which will see the Arts Council of Wales provide an initial contribution of £1 million to cover the set up costs of the scheme.
A further contribution will be made by the Arts Council of Wales once the seed fund is in place.
A further £1 million per year is hoped to be generated, with the Welsh government intent on using this finance to back additional music activities for young people across the country.
These characteristics mean the fund is seen as a long term and sustainable approach to increasing musical opportunities for young people in Wales - and the endowment builds on the £20 million Creative Learning through the Arts Plan.
The announcement comes after the UK government unveiled a new £300 million investment in music and arts education, which is to establish 121 music education hubs throughout the country.
This network will work closely with schools, local authorities and community organisations alike, with the intention of encouraging more young people to take part in music and arts.
Mr Skates said the new endowment will ensure young people will be able to develop their musical skills regardless of their background.
"I continue to be impressed and inspired by the musical talent of our young people and the schools that promote such opportunities. I want to build on this success and extend these opportunities throughout Wales," he commented.
"Having experiences outside the classroom is a sure way to help children build confidence and discover what inspires them," Mr Skates remarked, adding that the endowment will facilitate these opportunities.