The Mercury Prize, formerly called the Mercury Music Prize, is an annual music prize awarded for the best album from the United Kingdom and Ireland. It was established by the British Phonographic Industry and British Association of Record Dealers in 1992 as an alternative to the Brit Awards. The prize was originally sponsored by Mercury Communications, a brand owned by Cable & Wireless, from which the prize gets its name. It was later sponsored by Technics (1998 to 2001), Panasonic (2002 and 2003), Nationwide Building Society (2004 to 2008) and Barclaycard (2009-2014). Since 2015 the prize has been sponsored by the BBC.