The Music Investment Fund is proving extremely popular. One day after copyright holders were able to register, more applications were received than can be spent.
The Investment Fund Music is an initiative of Buma/Stemra in cooperation with the Federation of Copyright Interests and the Ministry of Education, Culture and Science. The interest in it is great. One day after copyright holders were able to register, more applications were received than can be published.
The Music Investment Fund is there for the production of new music. Anyone who structurally earns an income from music copyright can apply for a work contribution. A total of 636 contributions can be made for a total amount of € 2.5 million. On the first day, 12 October, the counter reflected more than 700 applications and applications are still coming in. This still makes sense, because there is a large oversupply on some categories, where there is still room on others, according to the organization.
Emergency is high
Arda Gerkens, chairman of the independent assessment committee: “It’s great to see how much creativity the fund unleashes. Of course, that is exactly what the fund is aiming for. The need of authors and publishers to create is clearly very great. I am pleased that the fund can contribute to that” Bernard Kobes, Chairman of the Board at Buma/Stemra:
“The enormous number of applications shows that the need is high. Especially now that the hospitality industry will be closed again in the coming weeks, the income from copyright for our members will decrease further. This fund helps them to make new music anyway. I hope that money will also become available for copyright holders in the second support package for the cultural sector, because the suffering is far from over”
Copyright holders can still submit an application until 9 November. The independent assessment committee hopes to have assessed all applications 4 weeks after that, after which the work contributions will be paid out soon.
Buma/Stemra represents composers, lyricists and music publishers. The organization provides a fee for the use of music on, among others, radio, TV, streaming services, stages and in catering, stores and business premises. In addition, Buma/Stemra promotes Dutch copyright both at home and abroad. For example, Dutch composers, lyricists and music publishers are offered an international stage by supporting important events such as Eurosonic Noorderslag and the Amsterdam Dance Event.