The Polaris Music Prize is a music award annually given to the best full-length Canadian album based on artistic merit, regardless of genre, sales, or record label. The award was established in 2006 with a $20,000 cash prize; the prize was increased to $30,000 for the 2011 award. In May 2015, it was announced the Polaris Music Prize winner will now receive $50,000, an additional $20,000, thanks to the sponsorship of Slaight Music. Additionally, second place prizes which go to the nine other acts on the Short List will increase from $2,000 to $3,000. Polaris officials also announced they will be creating The Slaight Family Polaris Heritage Prize, a sort of hall of fame award that "will annually honour five albums from the five decades before Polaris launched in 2006." Details about the selection process for this prize are still to be revealed.