FOR IMMEDIATE RELEASE
April 16, 2024
Toronto, ON – Today, the federal government announced its 2024-2025 budget, confirming the increase to the Canada Music Fund of $32 million annually for the next two years. This increase is an important investment in Canadian-owned music companies and artists, underlining the government’s commitment to bolstering the industry’s growth and stability.
“This increase to the Canada Music Fund will provide vital support for Canadian artists and companies to continue to innovate, create and thrive,” says Andrew Cash, CIMA President and CEO. “While there is much work still to be done, the music sector appreciates and welcomes this announcement.”
In addition to direct investments in the music sector, the government has announced supplementary support that will benefit the music community as a whole. This includes initiatives such as affordable housing measures and enhanced mental health resources. Given that a significant portion of arts and culture workers are experiencing rapid declines in affordability, these measures are indispensable for nurturing a dynamic arts and culture sector.
“The federal government’s budget announcements on affordable housing and access to mental health resources are important for building a dynamic arts and culture sector,” said Cash. “Strong social policy is strong cultural policy which will benefit arts and culture workers, including those in the music sector right across the country.”
Budget 2024 also announced targeted AI support of $2.4 billion, including support for workers who may be impacted by AI in creative industries. This funding is also aimed at helping Canadian small- and medium-sized businesses build and deploy new AI solutions. Investing in the skills of creative workers and fostering innovation through targeted AI support ensures the Canadian music industry continues to thrive in the face of evolving technological landscapes.
CIMA looks forward to collaborating with the federal government to ensure that these new initiatives are effectively implemented to best serve the Canadian music community.
For media inquiries, please contact:
Jenia Schukov
Email: jenia@cimamusic.ca