TORONTO (CelebrityAccess)—On Sunday (March 24), the federal government announced an increase to the Canada Music Fund to $41 million annually for the next two years. Given the government’s fiscal constraints, the news has been welcomed across the Canadian music industry and marks the first increase to the fund since 2019.
For decades, the Canadian Music Fund has been a critically important investment source for Canadian-owned music companies and artists. However, recent sector growth has greatly increased the Fund’s demands beyond its current capacity.
Several music organizations nationwide joined forces ahead of the Budget 2024-2024 meeting to call for a permanent increase to the size of the Fund. While falling short of the government’s promise of $50 million, the increase signifies progress in bolstering increased industry growth and stability.
The Canadian Independent Music Fund (CIMA) President, Andrew Cash, said, “As the voice of the Canadian-owned music sector, CIMA applauds the government’s increased investment in the Canada Music Fund. This is a recognition of music’s significant contribution to our cultural fabric and national economy. CIMA will continue to work closely with our government partners to ensure that the Canadian-owned music sector receives the investments necessary to continue to thrive both domestically and internationally.”
CIMA is the not-for-profit national trade association representing over 350 Canadian-owned music companies connected to over 6,000 artists in every province and territory in Canada.
