Canadian Musician - May / June 2018 - Page 13

Canadian Press: Feds to Boost Canada Music Fund According to The Canadian Press, the federal Liberal government is telling music industry insiders that it plans to make long-sought changes and add more money to the Canada Music Fund (CMF) in its 2019 federal budget. Canadian music industry organizations, particularly CIMA, were publicly critical of the government’s 2018 budget for its lack of new arts industry fund ing. The government reportedly also plans to change how the money is distributed to reflect declining physical and download music sales and the rapid growth of streaming services. CANADIAN HERITAGE MINISTER MÉLANIE JOLY IFPI 2018 Global Music Report: Streaming Continues to Push Industry’s Growth IFPI has released its 2018 Global Music Report, which provides a state-of-the- industry overview of the top global music markets last year and highlights industry trends. After rising to sixth place in 2016, Canada dropped to seventh in the rankings of largest recorded music markets in the world in 2017. Revenue from subscription streaming services continue to grow, with its trade value in Canada increasing from $95.34 million in 2016 to $160.9 million in 2017 (all figures in USD). The total value for all music and video streaming rose more than 65 per cent, up to $200.4 million in 2017 compared to $135.5 million in 2016. That is greater than the global average growth in combined streaming revenue of 41.1 per cent. Globally, there are now more than 176 million users of paid subscription stream- ing accounts. This contributed to an 8.1 per cent growth in the global recorded music market, with total international revenues of $17.3 billion. To read the report, go to www.ifpi.org. 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