FACTOR Pumps More Than $20M Into Music Biz
FACTOR, the Foundation Assisting Canadian Talent on Recordings, has published its 36th annual report that transparently details how its budget of $20-million has been spent in fiscal 201
By FYI Staff
FACTOR, the Foundation Assisting Canadian Talent on Recordings, has published its 36th annual report that transparently details how its budget of $20-million has been spent in fiscal 2017-2018.
Launched in 1982 with a budget of $200K, the not-for-profit has become the lynchpin as the domestic music industry’s capital bank, co-funded by private radio broadcasters and the Department of Heritage--and operating with a staff of 20 and an overhead of 12.5% that has been maintained for the past seven years.
The annual broadcast contributions received a bump up in May of last year thanks to an Order in Council that exacted additional funding requirements from Bell, Rogers and Corus.
Highlights from the report include:
In the 2017-18 fiscal year, FACTOR provided $20,511,597 in funding to a total of 3,082 projects across all programs.
$4,423,841 in funding towards the creation of 629 new sound recordings.
1,083 successful Tours and Showcases both domestic and internationally.
203 videos funded by FACTOR across all programs, for a total of $1,058,734.
$1,170,565 in Industry Support through the Business Development and Business Travel programs.
$4,431,504 to 122 Collective Initiatives projects this year and $324,400 to 62 Sponsorship projects.
Below are several tables illuminating where funds have been directed and the annual report can be downloaded in full here.