The province of Ontario has set aside $45 million CAD (~$43M USD) for a new Ontario Music Fund.
The new fund was launched by Michael Chan, Ontario’s minister of tourism, culture, and sport, yesterday in Toronto. Chan said
“Ontario is the heartland for music in Canada, generating over $420 million in revenue, representing more than 80 percent of the national total”.
The music fund will provide support for a variety of industry sectors through four different revenue streams:
- Music Company Development: Will support record labels with headquarters in Ontario and music managers, music publishers, and entrepreneurs with revenue of $100,000+. Local companies can use the funding to expand business activity. Foreign record labels can use the funding to
“produce and market the recordings of local musicians, and to attract established foreign international artists to record in Ontario”.
- Music Futures: Available for industry associations, non-profits, consortiums, and music business trade organizations. Funds will be used to create long terms plans, including music training, awards shows, and digital innovation.
- Live Music: Provides funds for music promoters, music presenters, and booking agents to use on music events and booking local artists.
- Music Industry Development: Will assist small record labels, publishers, managers, promoters, presenters, booking agents, and artist entrepreneurs with annual revenue between $35,000 and $100,000. This stream will provide business mentoring, skills development, and capital.
Applications for company development and futures are now open. Applications for live music and industry development will open on November 7th. These applications will close between December and January.
Image by Kevin Krejci, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0)