What is FACTOR, and what does its allegedly missing $9.8-million mean for the music industry? – Canada Voices

November 27, 2024

Canadian arts-grant provider FACTOR alleges in court filings that almost $10-million of federal money was stolen from its Bank of Nova Scotia account last spring.

The funds had recently been deposited by Ottawa and were set to be distributed to the music industry in the near future. So far, FACTOR has used its savings to cover the loss and pay out its program recipients. But that funding is limited and Ottawa is not backstopping the alleged theft. The clock is ticking and FACTOR is hoping for a legal win.

Here’s what you need to know about the case.

What is FACTOR?

FACTOR, short for The Foundation Assisting Canadian Talent on Recordings, launched in 1982. The private, non-profit organization supports the English side of the music industry, using funds that flow through the Department of Canadian Heritage’s Canada Music Fund and private radio broadcasters. (Musicaction has a similar role on the Francophone side.) Musicians and the many people and companies that support them depend on FACTOR funding to get a leg up in the U.S.-dominated industry.

Read More: https://canadian-reviews.ca/what-is-factor-and-what-does-its-allegedly-missing-9-8-million-mean-for-the-music-industry-canada-voices/