ONTARIO MUSIC FUND Music Futures Stream ( ) Information Session Slide Deck

Transcription

1 Ontario Media Development Corporation ONTARIO MUSIC FUND Music Futures Stream ( ) Information Session Slide Deck

2 Outline Overview OMF Goals Music Futures Objectives Program Highlights Applicant Eligibility Eligible Activities & Costs Application Process Business Plans Budgets & Financing Decision Criteria & Application Tips Recipient Obligations Q&A (please hold questions until end of presentation)

3 Overview Invests $15M annually into Ontario's music industry Aimed at driving growth in Ontario s music sector OMF Four streams: Music Company Development Music Futures Live Music Music Industry Development Supports music companies and organizations across Ontario s music ecosystem

4 OMF Goals Increase music production activity in Ontario Strengthen and develop the support structures and systems that contribute to economic and cultural growth Increase opportunities for new/emerging Canadian artists Create opportunities for emerging artists/small music companies Support Ontario s musical diversity, particularly with respect to music from culturally diverse, Aboriginal and Franco-Ontarian communities

5 Futures Stream Objectives Stimulate entrepreneurship; Increase the business capacity of small music companies; Support Ontario s musical diversity; and Support and strengthen Ontario s production of music from underrepresented but high-potential genres.

6 Program Highlights NEW! This program stream now has two deadline dates Deadline #1: May 18 Record Labels, Artist-Entrepreneurs, Music Managers, and Music Publishers ONLY Eligible activity period: August 1, 2016 July 31, 2017 Deadline #2: October 4 Music Promoters/Presenters and Booking Agents ONLY Eligible activity period: June 1, December 31, 2017

7 Program Highlights NEW! Eligible revenue threshold has been lowered to $30K Eligible applicants may apply for up to $50,000 per year OMF contribution may not exceed 75% of total eligible costs of activities Total funding from all government sources (including OMF contribution) cannot exceed 75% of the budget

8 Applicant Eligibility In order to be eligible, applicants must: Be in operation for at least two years (incorporated or registered); Have a head office in Ontario; Have annual eligible revenues of between $30,000 - $100,000; Have key management personnel who are Canadian citizens or permanent residents of Canada living in Ontario; Be in good standing with OMDC at time of application.

9 Applicant Eligibility For the May 18 deadline: Record Labels Music Publishers Music Managers Artist-Entrepreneurs For the October 4 deadline: Music Presenters & Promoters Booking Agents

10 Eligible Activities & Costs Recording & Production All recording costs must be incurred in Ontario Studio recording costs, supplies, and manufacturing Master license fees Art and copy costs Video shoots Canadian technical staff, recording engineers and session musicians NEW! For master license fees, applicant must provide evidence that: Original recording was recorded in Ontario within past 24 months, or The recording will take place in Ontario

11 Eligible Activities & Costs Marketing & Promotion Advertising and publicity Creation and production of promotional materials Online and mobile marketing Event costs Touring & Showcasing Direct tour costs for an artist signed to the applicant company Live Music Performances & Programming (for Presenters/Promoters and Booking Agents) Artist and venue agreements and related costs; staging & signage; advertising & promo; hiring of Ontario-based techs, security and other crew

12 Eligible Activities & Costs Business Development Costs paid for goods and services that enhance company capacity Administrative and Overhead Costs Staff salaries, office space and corporate services Equipment & Software: Cost of new equipment, materials and software (must be pro-rated or amortized using the formula outlined in the Guidelines) Ineligible costs are outlined on page 15 of the Guidelines

13 Application Process NEW! Application has been streamlined Application is only available through our Online Application Portal. Sections: 1. Company Information 2. Applicant Details 3. Activity Overview 4. Activity Titles and Descriptions 5. Supporting Documents for technical support.

14 Business Plans A Company Business Plan is required and must contain, at minimum: Applicant profile Overview of business activities and forward-looking information on plans for company growth An in-depth S.W.O.T. analysis that demonstrates your knowledge of the market conditions in which you are operating A case for OMF funding ( Advice Centre, Tools )

15 Budgets & Financing Applicants are required to submit two distinct sets of financial information: 1. Company Budget Overall company financial plan outlining all corporate revenue and expenditures for a specified fiscal period (year-over-year comparative) 2. Activities Budget OMDC template that includes cost breakdowns for each eligible activity, along with a summary of sources of financing for those activities List activities in order of priority, and indicate the OMF $ amount requested for each activity

16 Sources of Financing

17 Sources of Financing

18 Decision Criteria Applications will be assessed on the following (listed in order of weighting): 1. Economic & Cultural Impact 2. Activities/Proposal 3. Organizational Impact 4. Operational Capacity 5. Sustainability

19 Application Tips Be realistic and submit a budget/funding request that is in line with your company s track record and capacity to execute. Sell your unique business case. Include measurable results that will result from the proposed activities. Be concise and specific. More does not necessarily mean better. Ensure that you highlight key information; don t bury it. Double-check your work before submitting

20 Recipient Obligations Funding agreement is required between the successful applicant and OMDC (outlining the funding terms and deliverables). Recipient will complete interim report (depending on size of amount awarded) and a final report upon conclusion. NEW! Financial Statements must be submitted on an annual basis within six months of the company s fiscal year end (as part of the reporting process). Final Cost Report Guidelines provide guidance and rule regarding accounting, reporting and related party transactions.

21 Summary of Changes This program stream now has two deadline dates May 18 deadline for Record Labels, Artist-Entrepreneurs, Music Managers, and Music Publishers (eligible activity window is August 1, 2016 July 31, 2017) Eligible revenue threshold has been lowered to $30K Application process has been refined New process with respect to submission of financial statements (for successful applicants)

22 Ontario Music Office Address: OMF Program Coordinators: