Today, the federal government announced an increase to the Canada Music Fund of $32 million annually over the next two years. Given the government’s fiscal constraints, this is very welcomed news and marks the first increase to the Fund since 2019.
For decades the Canada Music Fund has been a critically important investment source for Canadian-owned music companies and artists. However, in recent years the explosive growth of the sector has greatly increased demands on the Fund beyond its current capacity. That is why, ahead of Budget 2024-25, music organizations nationwide joined forces to call for a permanent increase of the Canada Music Fund. While falling short of the government’s promise of $50 million, this increased investment signifies progress in bolstering the industry’s growth and stability.
“As the voice of the Canadian-owned music sector, CIMA applauds the government’s increased investment in the Canada Music Fund,” said Andrew Cash, CIMA President. “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.”
Founded in 1975 CIMA is the not-for-profit national trade association representing over 350 Canadian-owned music companies connected to over 6000 artists in every province and territory in Canada. CIMA’s membership ranges from individual artists and solopreneurs to Canadian-owned global music companies. CIMA’s mission is to empower and engage Canada’s music community to build and sustain equitable, inclusive, diverse, and successful global businesses and careers through advocacy, professional development, collaboration, networking, and celebration.
