There’s Big Money in Contemporary Classical Music

A $10 million gift from financier Henry Kravis will allow the New York Philharmonic to create a two-year-long Composer-in-Residence position. Finnish composer Magnus Lindberg will be the first recipient.

“We salute the Kravis family for its commitment to contributing to this extremely important cause, which will help to keep classical music alive and relevant in today’s world and in the future,” said Philharmonic president and executive director Zarin Mehta in a statement.

The Kravis gift will also provide for a bi-annual grant of $250,000 to a working composer (which the Philharmonic describes as “among the largest for any prize in new music”) starting in 2011.

So wait out that recession for another couple years, contemporary classical composers: help is on the way. There’s Big Money in Contemporary Classical Music