OTTAWA (CelebrityAccess) – Canada’s Federal government has expanded its support of the Canada Music Fund, which provides financial assistance the nation’s performing artists and music entrepreneurs.
Canada’s 20169 budget includes a new investment of $20 million over two years, almost doubling the government’s subsidies for the fun, which now total $40.7 million over the past five years.
That’s up markedly from 2016 when Canada’s government invested just $4.2 million in the sector over a two-year period.
“This funding increase is fantastic news for Canada’s commercial music industry. We are incredibly grateful to the Federal government and specifically our dedicated advocate, Heritage Minister Pablo Rodriguez, for showing their support of our industry. We are keen to continue to work closely with government to ensure that these dollars are invested in the most impactful way, such as providing additional support for sound recording, international export opportunities, promotion, marketing, touring and showcasing, and the domestic development of our great artists,” says Stuart Johnston, President of the Canadian Independent Music Association, an industry-focused trade group.
The fund focuses on multiple areas, including the production and promotion of new musical works by Canadian artists; the collection and promotion of Canada’s recorded musical heritage; financial support for Canadian music entrepreneurs, including music publishers and record labels;
Other investors in the CMF include major Canadian broadcasters who are required to allocate an average of $5.5 million per year for three years to support the production of musical programs which amounts to an additional $16.5 million for the industry.