Monday, May 04, 2015

Magazines get funding that keeps them in the digital cultural media game

Magazines Canada has convinced the Ontario government to invest in a new interactive digital media (IDM) fund that will allow magazines to continue to be eligible for co-production activities. It will invest $6 million in 2016-17 and $10 million annually thereafter. 
The Ontario budget tabled 10 days ago was making major changes to the Ontario Interactive Digital Media Tax Credit (OIDMTC) that would achieve savings of $51 million this year and $89 million by 2017-18, mostly by eliminating enterprises that are not considered to be creating sufficiently robust digital cultural media products; one of the casualties could have been Ontario magazines.
Through the redesign and investment recommended by MC, Ontario has broadened the IDM fund's scope to include Ontario's magazines. Details of the funding are to be worked out with ministry staff. At the same time, the existing OMDC magazine fund remains in place.
"The Ontario Government has recognized the value of Ontario's magazine media as a contributor to the development of smart jobs in a digital economy," said Mark Jamison, Magazine Canada CEO. "Magazines Canada and its members will encourage other provinces to study this initiative."

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