New Funding Aims to Stimulate Media Development; BC Film to Provide Critical Matching Money
Changes to BC Film’s Project Development Fund and the Digital Media Development Fund now provide increased support to BC film, television and digital content production companies.
In a recent exchange with FanTrust, BC Film’s Robert Wong, Vice President, Tax Credits and Development revealed the thinking behind plans to further support the digital media industry with this funding roll-out.
“Our intent is to make it easier for producers to access funding in order to put themselves in a better position to leverage funding from other sources, including the Canadian Media Fund and Bell Broadcast & New Media Fund” Wong said.
The main difference between previous and current funding terms: BC Film is now matching 100 per cent of the triggering agent’s development funding up to $10,000 for one-offs and $20,000 for episodic projects.
“Before it was 50 per cent up to those maximums,” Wong said. “We are now matching 100 per cent of the triggering agent’s funding on digital projects up to $10,000,” he added.
BC Film has also opened up the program to projects that have applied to the Canadian Media Fund under the convergent stream.
“These funds can be spent on additional development activities for the project over and above the original budget,” Wong said. “Digital media project in any phase of production can now apply, not just projects in development or in the alpha or beta testing stage.”
The impetus for these changes came directly out of BC Film’s discussions with broadcasters, bringing BC Film’s programs in line with the needs of the industry. These changes also address the need in the community for seed money for digital projects, Wong concluded.
According the BC Film website, a summary of the changes include:
Project Development Fund
– BC Film will increase its maximum contribution to 100% of the triggering agent’s commitment.
– Projects which have a triggering broadcaster AND have or will receive a commitment from Canada Media Fund’s Development Convergent Stream may now be eligible to apply to the Project Development Fund. Funds can be used for additional development activities for the project, over and above the original budget, including digital media activities.
Digital Media Development Fund
– For projects with a direct market trigger, BC Film will increase its maximum contribution to 100% of the triggering agent’s commitment.
– For projects receiving support through the Slate Development Fund or Project Development Fund, BC Film will increase its maximum contribution to $10,000.
– Digital media projects in any phase of the production cycle can now apply. For example, projects that secure production financing from Bell New Media Fund or Canada Media Fund are now eligible to apply.
Read the full announcement at the BC Film website here.