FACTOR Pumps More Than $20M Into Music Biz
FACTOR, the Foundation Assisting Canadian Talent on Recordings, has published its 36th annual report that transparently details how its budget of $20-million has been spent in fiscal 2017-2018.
Launched in 1982 with a budget of $200K, the not-for-profit has become the lynchpin as the domestic music industry’s capital bank, co-funded by private radio broadcasters and the Department of Heritage--and operating with a staff of 20 and an overhead of 12.5% that has been maintained for the past seven years.
The annual broadcast contributions received a bump up in May of last year thanks to an Order in Council that exacted additional funding requirements from Bell, Rogers and Corus.
Highlights from the report include:
In the 2017-18 fiscal year, FACTOR provided $20,511,597 in funding to a total of 3,082 projects across all programs.
$4,423,841 in funding towards the creation of 629 new sound recordings.
1,083 successful Tours and Showcases both domestic and internationally.
203 videos funded by FACTOR across all programs, for a total of $1,058,734.
$1,170,565 in Industry Support through the Business Development and Business Travel programs.
$4,431,504 to 122 Collective Initiatives projects this year and $324,400 to 62 Sponsorship projects.
Below are several tables illuminating where funds have been directed and the annual report can be downloaded in full here.