The Mercury Prize, formerly the '''Mercury Music Prize''' and currently known as the '''Nationwide Mercury Prize''' for Sponsorship reasons, is an annual music prize awarded for the best album from the United Kingdom or Republic Of Ireland . It was established by the BPI and BARD (the British Association of Record Dealers) in 1992 as an alternative to the industry-dominated BRIT Awards . It was originally sponsored by the now-defunct telecoms company Mercury , followed in 1998 by Technics and starting in 2004 the Nationwide Building Society . It is often observed that bands who are nominated for, or indeed win the prize experience a large increase in album sales, particularly for the lesser known nominees. ''Scotsman'' Nominations are chosen by a selected panel of music executives in the music industry in the UK and the Republic of Ireland. The Mercury Prize also has a reputation for being awarded to outside chances rather than the favourites. Prize in sight for Amy, BANG Media International
The cartoon band Gorillaz resigned from the shortlist in 2001. Bassist 's subsequent releases (with Blur , Gorillaz , Mali Music or The Good, The Bad And The Queen ) have been entered for the Mercury Music Prize since then.
The awards usually take place in September but nominated albums are announced in July. In 2007 the shortlist was announced on were victorious in 2006, winning with their album '' Whatever People Say I Am, That's What I'm Not ''. Dizzee Rascal took home the prize in 2003 for his album '' Boy In Da Corner ''.
