The Ontario Film Development Corporation has announced a $500,000 new-media development program.

The program, spearheaded by ofdc ceo Alex Raffe and Gail Thompson, executive co-ordinator of location and promotion services, will provide loans for the development of multimedia projects.

Raffe says the program comes in response to ‘the dramatic changes taking place in our existing infrastructure. It became clear to the ofdc that convergence was also creating an opportunity for traditional media producers to find a niche in the rapidly expanding market for new media.’

The ofdc commissioned a feasibility study last spring to assess the need for a multimedia development fund, and the response was ‘enthusiastically endorsed by both new media and traditional producers,’ says Raffe.

The funds for the new media program are part of the ofdc’s $26 million annual budget.