Thursday, February 16, 2012

MagsBC gets temporary financial reprieve

The Magazine Association of BC has received what it describes as "a stay of execution" as Canadian Heritage has reviewed and approved one of the two applications that had earlier been rejected. This gives MagsBC $125,020 to fund a number of projects (some of which have alreadywell advanced and for which money has already been spent) such as the 2012 magazine directory, MagsWest 2011 (held last June) and the association's BC Ferries initiative with the News Group. The $25,000 application for industry market research will not be revived.
MagsBC was thrown into crisis by the turndown in funding and warned its members that it was within weeks of closing its doors. 
The association says it may not see a cheque from Heritage until April, after an amended contribution agreement has been signed, though the ministry has said it will expedite things. As a result, the task force meeting was held Feb. 9 to consider ways of reacting to the crisis, current and ongoing and means of finding new ways to function and become self-sustaining. Among the suggestions is to expand the membership to other content providers and media publishers.

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