Developing a new approach to selling vinyl records
RecordFund Inc. has created an innovative approach for independent artists to sell vinyl recordings
January 31, 2019 – Charlottetown, PE – Atlantic Canada Opportunities Agency
Finding cost effective ways for artists to keep up with current trends is critical to remain competitive in the music industry, and this help provides good middle class jobs for Atlantic Canadians. Demand for vinyl records has seen a revival in recent years and independent artists are looking to capitalize, without assuming the financial risk associated with high production costs.
RecordFund has developed an online sales method that allows artists to market and pre-sell their record before production. This setup takes much of the financial risk away from the artists. By selling records in advance, artists will have a more secure revenue stream, creating a positive economic impact for the music industry.
That is why the Government of Canada is providing a repayable contribution of $55,000 to the company to help it develop and launch an online sales website.
Sean Casey, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard and Member of Parliament for Charlottetown, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science, and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today announced funding support for RecordFund Inc.
The Government of Canada is making smart investments that will create good, middle-class jobs in our country. It is helping small and medium-sized businesses to start-up, expand or modernize and supporting not-for-profit organizations to fuel business growth. Support for this project is one way the Government of Canada is working to achieve its Atlantic Growth Strategy outcome of long-term economic prosperity in the region.
“Being innovative is not only creating new technology, but also improving on existing ones. PEI-based RecordFund is looking at vinyl record production in a new way to make it more accessible to musicians. The Government of Canada continues to support innovative companies like this one that strive to challenge what has been, for what can be with respect to recording technology.”
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Entrepreneurs continue to be the backbone of our economy and it is their ingenuity and creativity that drive our key industries forward in Atlantic Canada. RecordFund is a great example - its founders have taken the rising demand for vinyl records and created a unique online sales format to pre-sell and market records. This allows artists to focus on creating their music and not worry as much about risk – it is a win-win situation for artists, consumers and the economy. I am pleased that the Government of Canada support will enable the company to move forward with its business plan to challenge and improve the sales model for artists.”
Sean Casey, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard and Member of Parliament for Charlottetown
“We appreciate both the professional and financial support we received from ACOA for this project. Vinyl records offer a unique music experience and we are pleased to offer a new platform that will be a more cost-effective tool for independent artist, band or label.”
Gideon Banahene, Sales, RecordFund Inc.
The Government of Canada invested $55,000 in this project through ACOA’s Business Development Program (BDP).
The BDP primarily assists Atlantic Canadian entrepreneurs who want to start a business, increase productivity or improve operations. Investments under the BDP address any gap that may arise if an application does not fit within ACOA’s Regional Economic Growth through Innovation (REGI) program.
The Business Development Program continues to build on the objectives of the Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
The sale of vinyl records has grown significantly over the last decade – both Canada and the U.S. experienced record sales in 2017, having sold 809,000 units and 15.5 million units, respectively.
Jana Parker Smith
Atlantic Canada Opportunities Agency
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