Music PEI Secures Increased Funding from Innovation PEI for Revamped Investment Program, Introduces New Market Access Fund

Published On: June 12th, 2024Categories: News, Programs0 Comments

Charlottetown, PE – Music PEI is excited to announce significant changes to its Investment Program to better support artists and music businesses in Prince Edward Island. These revisions are designed to adapt to shifts in the music industry, eliminate competition between different project types by providing equal support for both touring/exporting artists and non-touring recording artists, and provide increased support across all stages of artistic and professional development.

The categories of “emerging,” “exporting/export-ready,” and “career” will be retired in favour of Artist I, Artist II, and Artist III. These “Artist Levels” will be determined by participation in the revamped Takin’ Care of Business program and broader eligibility criteria. Including prerequisite professional development workshops to advance Artist Levels will provide a more equitable playing field so that all members are aligned for success when applying for funding. 

Thanks to increased funding from Innovation PEI, Music PEI has raised the number of Artist I grants from 8 per year to 12. The Artist II grant amount has been increased from $3,000 to $3,500; however, the number of grants available has decreased from 12 per year to 10. There have been no changes to the Artist III grants, which will remain at 4 grants per year at $8,000.

Music Business Development fund aims to foster the growth and sustainability of music-related businesses within the province through two funding streams: Business Investment, and Professional Development. The amount for this fund has been increased from $1,500 to $2,000, with 2 grants available per year. 

A considerable portion of the increased budget is allocated to the new Market Access Fund. With an annual pot of $20,000, this fund will support artists and music industry professionals attending domestic and international conferences and showcase festivals, targeted business meetings, and collaborative songwriting trips. This initiative aims to broaden opportunities for exposure and networking on a global scale.

Music PEI’s Microgrant Program, which serves historically excluded communities, has also been increased from $300 to $500. There are 8 microgrants available per year.

The Artist Development Fund and Music Business Fund will have two deadlines per fiscal year: July 10th, 2024, and January 31st, 2025. The Market Access Fund and Microgrant Program will accept applications on a rolling deadline until the funds are depleted.

Music PEI will host two information sessions on the new Investment Program, Artist Levels, and eligibility requirements: June 25th (online, 6:00-7:00 PM) and July 3rd (in-person at the Guild, 3rd-floor boardroom, 6:00-7:00 PM).

Music PEI extends our sincerest gratitude to Innovation PEI for investing in the careers of Prince Edward Island’s music industry.

You can review the new guidelines here. For more details or to discuss eligibility, please contact our program officer at [email protected].

Key Changes:

  1. New Market Access Fund: A new Market Access funding stream, with an annual pot of $20,000, will support artists attending domestic and international showcase conferences. This initiative aims to broaden opportunities for exposure and networking on a global scale.
  2. Artist Development Funding: The program introduces a structured Artist Development funding stream comprising three distinct pockets of funding: Commercial Recording, Marketing, or Touring.

This approach provides tailored support to artists based on their specific needs and goals.

  1. Artist Levels Implementation: New “Artist Levels” (Artist I, II, III) will be determined by eligibility criteria and participation in the revamped Takin’ Care of Business program. These levels replace the previous categories of “Emerging,” “Export-Ready/Exporting,” and “Career.”
  2. Business Development Funding: A new Business Development funding stream will feature two funding categories: Business Investment, and Professional Development

This initiative aims to foster the growth and sustainability of music-related businesses within the province.

  1. Takin’ Care of Business Expansion: The successful “Takin’ Care of Business” program will be expanded to offer workshops twice annually, accessible to the entire membership. Attendance will be a prerequisite for advancing in Artist Levels.

Artist Levels & Grandfathering:

  • Artist I: For newcomers meeting initial eligibility criteria.
  • Artist II: For those who have received export-ready/exporting grants and/or participated in Takin’ Care of Business. Grandfathered members can attain this level upon completing their Artist Investment Profile and required Takin’ Care of Business sessions.
  • Artist III: Automatically assigned to those who have received a “Career Investment” grant upon completing their Artist Investment Profile and required Takin’ Care of Business sessions.

Skipping levels may be considered on a case-by-case basis for new residents meeting eligibility criteria or for experienced artists embarking on new projects

Takin’ Care of Business Workshop Curriculum:

Core:

  • Funding Basics
  • Business Basics
  • Rights & Royalties

Advanced:

  • Publicity/Marketing
  • Live Performance: Showcasing/Conferencing/Touring
  • Labels/Distribution/Streaming/Playlisting

Workshops will be held twice annually, prior to deadlines. Core topics delivered over three weeknights and advanced topics in a weekend afternoon session.

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