Over $8.8 million in annual funding to be guaranteed to music creation on an ongoing basis, beginning in 2014-15.
TORONTO, ON – Canada’s music industry is pleased with the 2014 Federal Budget, which provides ongoing funding for the Canada Music Fund, beginning in 2014-15. The Canada Music Fund provides over $24.61 million in annual funding for the creation and worldwide promotion of Canadian music, $8.8 million of which was set to expire at the end of the 2014 fiscal year.
“Canadian music companies are thrilled that they will continue to have access to the Canada Music Fund, as it funds such a wide variety of Canadian music activity,” said Stuart Johnston, President of the Canadian Independent Music Association (CIMA). “The continuity provided by this renewal will position Canadian independent music businesses to contribute to Canadian economic growth, and the vibrancy of Canadian culture.”
The economic contribution of music is already substantial. In 2011, Canadian independent music created $303 million in GDP impact, and employed over 13,500 Canadians. “For every $1.00 of government support, Canadian music companies contributed an average of $1.22 tax revenue,” continued Johnston. “We thank the federal government for its renewed commitment to Canadian Music.”
CIMA looks forward to working with the federal government as it determines the specific details of the Canada Music Fund.
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For more information, contact:
Stuart Johnston
President, CIMA
416-485-3152 ext. 232
stuart@cimamusic.ca
www.cimamusic.ca
ABOUT CIMA
The Canadian Independent Music Association (CIMA) is the national trade association representing the English-language, Canadian-owned sector of the independent music industry. CIMA works proactively to assist the independent sector to expand business opportunities and partnerships in the international marketplace by providing strategic support for Canadian companies at trade missions, key international trade shows and conferences around the world.