Over the past two decades, the way society has utilized and operated the internet has shifted the way we use media today. With respects to Canada specifically, firms are now building applications and experiences that educate and entertain us on portable devices such as tablets and smartphones. We have evolved from the days of print media which was used to advertise and communicate messages in a much simpler and less efficient way.
There is a variety of tax incentives and funding opportunities that EVAMAX can assist your company in retrieving, to facilitate your business as a competitive entity in the media industry.
One of the numerous funding opportunities in the interactive digital media industry is the Music Video Production (MVP) Project sanctioned by the Royal Bank of Canada and the Academy of Canadian Cinema and Television.
This project aims to promote and assist emerging Canadian artists, producers and filmmakers in creating music video content. The MVP project provides the financial support needed by artists to collaborate with those from different disciplines and introduce them to new opportunities.
Related: The Strategic Innovation Fund (SIF)
During May of 2019, nine recipients were awarded grants in the 2nd round of the project. The artists selected across the country featured different genres, such as pop, EDM, and indie rock, as well as various filmmaking styles including stop-animation, dance and short-form narrative. The project supports innovations/inventions and fosters cooperation within the media industry as there is a belief that artists will be more successful as a collaborative unit rather than as individuals.
The funding received provides these artists the opportunity to match their vision to their budget that once restricted them from reaching their full potential. From Charlottetown to Toronto, the funding provided by the MVP project has given several artists the ability to make their dreams come to life.
(Importance of SRED and Government Grants for Digital Media Sector)
It is crucial for companies to leverage the different funding sources provided by the government in order to be successful in the digital media industry. With so many competitors in the market, many artists often find their visions or goals to be limited by their budget.
Fortunately, the federal government offers one of the most generous tax incentive programs in the world for companies partaking in Scientific Research and Experimental Design (SR&ED) and other innovative activities.
These programs can significantly impact the overall success of those in the digital media industry by providing them the funding and benefits needed to carry out the company or individual vision. Contact EVAMAX today and schedule a no-obligation consultation regarding the potential benefits you could be missing out on.
The several sources of funding provided through SR&ED and the government can act as a competitive advantage for competitors in the industry. Receiving these benefits can promote investment, job creation, and original content creation by:
- Facilitating and supporting innovation, invention, and excellence in Canadian cultural media industry
- Fostering and facilitating co-operation within the cultural media industry and between the public and private sectors
- Promote information, research and technological development in the cultural media industry provincially, nationally and internationally
- Making Canada a great place to invest in, create, produce and enjoy original cultural media product
Canada’s interactive digital media industry is currently expanding with more companies, including a video game sub-sector ranked third in the world. The direction this industry has been trending as of late has led to a shift in the way we use and view media.
It is vital for competitors in the industry to identify techniques that provide a competitive advantage and promote individual success.
If you are looking to differentiate your company in a competitive industry like the digital media and entertainment sector, EVAMAX can help you subsidize the growth and development needed to reach your business goals.