[1]: 4–5 In 1994, a task force for the "Preservation and Enhanced Use of Canada’s Audiovisual Heritage," made up of archival expert across the country—including those from the then-National Archives of Canada—published a report in which they recommended, among other things, the founding of a "Consortium of stakeholders, as a charitable and non-profit corporation, should be established to co-ordinate the implementation of the national strategy, and to undertake projects and programs with respect to the preservation and enhanced use of the audio-visual heritage."
Two years after the first FFEAP projects were developed, the Trust introduced the Music Memories program through a new Sound Recording Policy initiative of the federal Department of Canadian Heritage.
[1]: 4–5 In 2001, Universal Studios Canada and Universal Music Canada made 5-year funding commitments to programs to support heritage feature films and the preservation of heritage sound recordings, including screenings of MasterWorks films and supporting archival institutions in their projects to restore and make available endangered sound recordings.
The very last MasterWorks ceremony was held on 27 April 2009 at Library and Archives Canada in Ottawa, and was organized by the Canadian Film Institute.
The Program supported non-profit organizations in digitizing recordings from outmoded media, creating educational content, and re-issuing out-of-print music.