FACTOR Support For Music Industry Totalled $25.2M In Past Year
FACTOR, otherwise known as the Foundation to Assist Canadian Talent On Recordings, took in revenue of $30,880,783 and paid out $25,238,117, according to figures cited in the not-for-profit’s 2019-2
By FYI Staff
FACTOR, otherwise known as the Foundation to Assist Canadian Talent On Recordings, took in revenue of $30,880,783 and paid out $25,238,117, according to figures cited in the not-for-profit’s 2019-2020 annual report that was released online earlier this week.
Funding from Canadian Heritage totaled $14,546,708 with a further $16,334,075 contributed by Canada’s private radio broadcasters.
Of the money paid out, $514,997 went to regional affiliates and $25,238,117 was paid out in grants.
In total, 2,000 applications requesting close to $44 million were logged over 10 programs offered by FACTOR, the report states.
Support for Canadian-owned music companies came in at just over $6.2M, tour support approvals came in at just under $3M, $950K was spent on 475 of 1,2241 Artist Development submissions, and $755,280.78 went to 53 of 73 requests for video assistance.
Further specifics along with messages from Chair Meghan Symsyk and President Duncan McKie can be found online on the FACTOR portal.
Hannah Karp, Yuna Kim & Mike VanBillboard Korea