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, the Polaris Music Prize was increased to $50,000, an additional $20,000, sponsored by Slaight Music. Additionally, second place prizes for the nine other acts on the Short List increased from $2,000 to $3,000. Polaris officials also announced The Slaight Family Polaris Heritage Prize, an 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.