FACTOR (Foundation Assisting Canadian Talent On Recordings) has made some changes to their Programs that went into effect on April 1. They’ve also updated their Business Policies and have just begun their new fiscal year. These major changes include:
- Business Development: The maximum FACTOR contribution has been reduced to $10,000 per company per year
- Collective Initiatives: They’ve removed the Administration Fee as a percentage of total Eligible Costs. Instead, applicants may add some administrative charges within the budget, and may add a corporate overhead charge equal to 10% of actual third-party out-of-pocket costs
- Comprehensive Artist: They’ve removed the restriction against Artists who have had a gold record. They are now eligible for the Program
- Juried Sound Recording: Record Labels Rated 4 and 5 may no longer apply to the Program. Record Labels Rated 2 and 3 may now apply for a license fee to acquire an unreleased Album
- Marketing & Promotion for Non-FACTOR-Funded Sound Recordings: They have removed the restriction against Artists who have had a gold record. They are now eligible for this Program
- Sound Recording Component: Record Labels Rated 2 and 3 may now use the Sound Recording component to apply for a license fee to acquire an unreleased Album. They’ve removed the $5000 fee cap for Artists who “self-produce” and instead created rules for a “Self-Production Allowance” not to exceed $5000. (See new Business Policies section 19.2.8.)
- Business Policies: Section 15.0 Disposition of Masters has been clarified and several errata removed; Section 19.2.8 – 19.2.15 Self-Production Allowance is a new section setting out eligible costs for artists who self-produce; Section 21.0 Deadlines and Extensions is a new section spelling out the timelines for meeting deadlines once the project is underway, the procedure for requesting extensions, and the penalties for missing deadlines. FACTOR has also updated the deadlines page as well
For more information: funded.factor.ca/post
