Canadian Musician May/June 2017 - Page 13

… The Province of British Columbia and Creative BC are allocating $300,000 for a new innovation program as part of the BC Music Fund. Eligible initiatives include: cross-sector and multimedia projects related to music; experimental or experiential projects that increase visibility, access, or awareness for B.C. music; projects that develop new technology, software, or programs; and projects or initiatives related to B.C.’s music industry that are innovative or experimental in nature. Applications are being accepted until June 15, 2017. For more information, go to … FACTOR has announced several significant changes to its programs and policies for 2017-18. Among them is the elimination of its loan repayment policy, which means only grant funding will be provided as of April 1, 2017. For details, go to follow the MONEY... Streaming Continues to Push Revenue Growth; Canada Now 6 th Largest Market The global recorded music market grew by 5.9 per cent in 2016, the largest year-over- year percentage increase since IFPI began tracking the market in 1997, according to the IFPI Global Music Report 2017. Total revenues for 2016 were $15.7 billion (all fig- ures in U.S. dollars). Of note is that Canada has passed Australia to become the sixth largest market in the world for recorded music. This growth is mostly driven by streaming, which saw revenue more than double from $49.82 million in 2015 to $127.8 million in 2016. As has been the global trend, paid subscriptions generat- ed the majority of streaming revenues in Canada, accounting for $94.45 million in 2016, compared to $15.72 million from ad-supported audio streaming and $17.59 million from video streams. Globally, at the end of 2016, there were 112 million users of paid music stream- ing subscriptions driving year-on-year streaming revenue growth of 60.4 per cent. Digital income last year accounted for half of the global recorded music industry’s annual revenue for the first time. Growth in streaming offset a 20.5 per cent decline in downloads and a 7.6 per cent decline in physical revenue. For more information, go to W W W. C A N A D I A N M U S I C I A N . CO M C A N A D I A N M U S I C I A N • 13