New Canada Music Fund $s Expected In Budget
The annual $24-million budget is expected to be topped up with fresh funds that will target the realities Canada's music industry in the digital age.
By FYI Staff
The federal government is expected to make long-sought changes next year to the $24-million Canada Music Fund (CMF) that hasn’t seen a funding boost in over a decade.
The Liberal government has been telling music biz insiders that it will enrich the fund, although by how much isn't clear, according to a news report widely circulated by Canadian Press reporter Jordan Press. The same story suggests the government also plans to change how the money is distributed, in light of fading sales and the growth of streaming services like Spotify and Apple Music.
Industry officials, speaking on condition of anonymity in order to discuss private conversations, told Press that changes to CMF will be part of next year's budget–the last before the 2019 general election.
A spokeswoman for the department said in an emailed statement that the government was working with industry experts to ensure the overhaul is "done with diligence and will provide Canadian musicians with the support they need to thrive in the current environment."
The statement goes on to say that officials are still developing recommendations for specific changes to the fund.
Money through the fund is aimed at helping Canadian companies involved in recording, promoting, and distributing music at home and abroad, and helps mitigate a critical financial issue in the industry: access to capital.
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