New American Music Prize Aims to Bring Mercury Prize-Style Competition (and Cash Payout) to U.S. Musicians

Didn't find your favorite album of the year among the Grammy nominations last week? Never fear: If it's an American performer, they'll soon have the chance to take home a new award, The American Music Prize, which is even better in that it comes with a cash payout as well. Any album released between August 1 of 2014 and July 31st of 2015 will be considered.

The concept is being handled by Scott B. Murphy, the same man who led the charge for the Australian Music Prize, which began being awarded during 2005. Commercial qualifications are minimal, requiring at least 1000 albums to have been sold and registered by Nielsen Soundscan. Bands may include international members but the group feature at least 51 percent American members. A panel will narrow down the nominees into one 12-album list by late August. The New York Times notes that the album must be from a new band.

As we mentioned and can't emphasize enough: Pursuit of the prize is well worth it financially. Murphy hasn't given a set amount by suggests that it will be "significant," with Billboard implying that it will be somewhere between $75,000 and $100,000. The Australian Music Prize comes with a $30,000 prize, for reference. The American version is reportedly undergoing negotiations with a corporate naming sponsor to help guarantee the prize money.

Murphy built the Australian Music Prize with Britain's Mercury Prize in mind, and he aims for the American rendition to rise to the prominence of Canada's Polaris Prize.