Teosto sets up COVID-19 funding for composers, lyricists, arrangers and music publishers
Teosto is setting up new COVID-19 funding to support music professionals in the difficult circumstances resulting from the coronavirus epidemic. The maximum sum of the funding is EUR 1 million, and the application process will begin in October–November.
Teosto’s General Meeting has decided to provide special funding to alleviate the loss of income experienced by Finnish composers, lyricists, arrangers and music publishers due to the COVID-19 pandemic.
“The COVID-19 crisis has brought on an incredibly difficult situation in the music industry. The worst effects are yet to come as the restrictions on public gatherings will be reflected in the autumn’s copyright royalties. We are now aiming to protect the continuity of artistic work and music publishing in these exceptionally difficult circumstances,” says Risto Salminen, CEO of Teosto.
The funding can be granted to Teosto’s creator and publisher customers. It can also be applied by and granted to professional music authors and publishers to whom Teosto has distributed at least EUR 500 in copyright royalties per year. The accounting will be based on the distributions received by the customer in the period from 2017 to 2019 in the distribution categories of concerts and live music as well as commercial radio and commercial television and their annual average.
The application process for COVID-19 funding will begin in October–November 2020 when the practical arrangements for applications are finished. The maximum amount of funding is EUR 1 million and the sums to be granted will range from EUR 300 to EUR 10,000. The funding will come from the Teosto-administered Teosto Fund, which was established in 2009 to secure the continued promotion of musical arts.
A committee appointed by the Teosto Board of Directors will make the decisions concerning the funding and the payments will be made through the funds of Teosto’s member organisations: the Society of Finnish Composers, the Finnish Music Creators’ Association and the Finnish Music Publishers Association. The recipient of the funding may use the funds as they see fit and no reports on the use of the funds will be required.
The proposal for the funding was prepared by a task force in cooperation with Teosto’s member organisations. The proposal was approved by Teosto’s members at the General Meeting organised on 12 August 2020.