Profiles & Ratings for Music Companies
In order to submit an application for funding as a music company, you will need to create a User Profile to use the online system. Then, depending on the type of music company you are, you will need an Applicant Profile which outlines your company’s information.
Your Applicant Profile provides the information required to assess your applicant rating within FACTOR’s applicant rating system.
The user profile is the core profile to access the FACTOR system. Every individual who will access the FACTOR online system requires a user profile – you only need one, and you should be the only person who uses this profile.
The applicant profile contains information on yourself or your company. It is used to apply for and accept funding if your application is successful. Remember that the individual, partnership, or corporation named in your applicant profile will be legally and financially responsible for any project that is funded by FACTOR, including any tax implications.
How the FACTOR Applicant Rating System Works
Applicants to FACTOR fall into four categories:
- Artists applying on their own behalf
- Companies and organizations applying to the Collective Initiatives program
- Songwriters applying on their own behalf.
- Music companies whose primary business activities are those of an artist manager, distributor, publisher or record label
The first two categories only need to fill out the main page of the applicant profile, without the Qualifying Criteria. They must submit their profile for rating using the request review button on the main page. They will receive an immediate provisional approved applicant rating.
Songwriters need fill out the applicant profile main page and the Qualifying Criteria songwriters page. They must submit their profile for rating using the request review button on the main page. They will receive an immediate provisional approved applicant rating.
Artist managers, distributors, publishers and record labels can be eligible for FACTOR funding for their business, based on the information provided in the Qualifying Criteria. Once they have submitted their profile for rating using the request review button on the landing page, FACTOR staff review the information provided.
In order for companies to receive a company rating of 2 or higher, they must provide the necessary information to meet the requirements as set out in Section 17.1 of the Business Policies.
In order for companies to receive a company rating of 3 or 4, they must also meet the additional criteria set out in Section 17.6 of the Business Policies.
New companies that have never received a FACTOR applicant rating may submit a completed applicant profile (including qualifying criteria and gross revenue information, if applicable) and request a rating review at any time. Those new companies may receive a company rating of approved, 2 or 3.
All Eligible Music Companies (companies with an existing music company rating of 2, 3 or 4) must update their Qualifying Criteria every year prior to the annual review deadline at fiscal year end. This includes:
- any changes to the company;
- qualifying criteria, including roster and release information, as applicable; and
- gross revenue information.
Those companies may receive an improved, reduced or unchanged company rating, depending on the information submitted. Eligible Music Companies that do not update and re-submit their updated profiles before the deadline may lose their company rating altogether.
Companies with an existing company rating of Approved or 2 can receive an increased company rating of 2 or 3 by request at other times of year, if business activity merits access to higher-tier funding support. Consult your Project Coordinator when seeking re-assessment outside of the Annual Review period.