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Globe says Google, rivals hear fed boosting music fund

2024-03-25 07:39 ET - In the News

See In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The Globe and Mail reports in its Monday, March 25, edition that the federal government says it will spend an additional $32-million on the Canada Music Fund over two years, after industry warnings that supporting artists would become more difficult without such a subsidy boost. The Globe's Josh O'Kane writes that Heritage Minister Pascale St-Onge made the prebudget funding announcement Sunday, bringing the total CMF funding to about $43-million for the next two fiscal years. Erin Benjamin, chief executive officer of the Canadian Live Music Association, called the new funding "a good start," but said she had hoped for more details on how the concert sector would benefit. She added, "We also hope the April budget will go further in addressing Canada's live music infrastructure." Live music venues and festivals "must be acknowledged for the pivotal role they play in increasing opportunities for artists." The Canadian Radio-television and Telecommunications Commission is currently developing the regulatory shape of Bill C-11, the Online Streaming Act -- which is expected to force global streaming platforms to help finance Canadian content, possibly through the augmentation of funds such as the CMF.

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