Enhanced Funding for Cultural Businesses Through SODEC
Quebec's Société de développement des entreprises culturelles (SODEC) is set for a significant transformation, following the proposal of Bill 108 presented by the Minister of Culture and Communications, Mathieu Lacombe. The bill aims to bolster SODEC's role and investing power in local cultural projects.
To achieve this expansion, SODEC's business bank initiatives will enable the organization to acquire shares in Quebec-based cultural enterprises. In addition, the government plans to raise the bank's capital by a substantial 200 million dollars, bringing its total to 219.5 million dollars.
Speaking at a press conference at the National Assembly, Lacombe stated that by the 2029-2030 fiscal year, the bank might have invested around 130 million dollars. He sees SODEC becoming a crucial financial gateway for all Quebec's cultural enterprises, as more of them move towards traditional banks.
The minister anticipates that this extended financial support and new tools provided to SODEC will make it a prominent catalyst for the growth of the cultural sector in Quebec. Currently, SODEC contributes to various sectors, including audiovisual, book publishing, crafts, music, performing arts, digital, and heritage real estate. With Bill 108, SODEC's scope broadens to include "digital creativity," focusing on innovative cultural content and experiences centred around new technologies.
As an example, SODEC's expanded role may boost digital exhibitions and projects like Onhwa' Lumina, an outdoor digital exhibition in Old Montreal, and The Infinite exhibition from the Felix & Paul studios. The Minister referenced these projects to highlight Quebec's global standing in digital creativity.
Representatives from several industry organizations echoed the Minister's sentiments, expressing elated responses to this long-awaited recognition of the digital experience producer sector. The Association of Digital Experience Producers, ADISQ, Quebec Association of Media Production, and the National Association of Book Publishers all praised SODEC's modernization and anticipated increased support to their respective industries.
For more news and updates from Quebec, stay tuned with our reports.
NOTE: The Société de développement des entreprises culturelles (SODEC) is set for a substantial transformation, with a focus on bolstering the digital and innovative segments of the local cultural sector. Quebec's increased investment of 219.5 million dollars aims to support creators in emerging formats like video games, virtual reality, augmented reality, and immersive digital experiences, aligning with broader cultural funding trends in Canada that invest in enhancing global competitiveness and storytelling equity[4]. The new direction for SODEC is poised to serve as a driving force for the digital revolution in Quebec's cultural landscape, potentially increasing the international reach and economic viability of local creators, and solidifying the province's status as a leader in digital cultural production[4].
- The expansion of SODEC's business bank initiatives will allow the organization to invest in French-speaking Quebec's digital creativity sector, growing areas like video games, virtual reality, and immersive digital experiences.
- With the implementation of Bill 108, SODEC's role will extend to digital creativity, intensifying its focus on innovative cultural content and experiences that leverage new technologies, such as the outdoor digital exhibition Onhwa' Lumina in Old Montreal.
- The digital experience producer sector, including organizations like the Association of Digital Experience Producers (ADISQ) and Quebec Association of Media Production, have expressed their elation over SODEC's modernization, anticipating increased support for their industries as Quebec positions itself as a leader in digital cultural production.
