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Canadian local television stations saw profits plunge in 2014, according to the CRTC’s latest statistical and financial report for this sector released Monday.
The Canadian Radio-Television and Telecommunications Commission (CRTC) released their statistical and financial information on Canadian local television stations for the broadcast year, and last year alone, local television stations spent more than $1.4 billion to fund the creation of new Canadian programs.
In addition, the Canadian Broadcasting Corporation invested an additional $789.8 million in Canadian content.
Private stations, including local news and drama series, invested $619.3 million in the creation of Canadian content and subsequently employed over 5,900 people. More than that, local television stations paid $138.6 million to independent Canadian producers.
Although significant investments have helped to boost Canadian content, local television stations continue to face a challenging advertising market. Private stations brought in $117.1 million less in advertising revenue. This decline in advertising revenue lead to a 7.2 per cent decrease in overall revenues from $1.94 billion in 2013 to $1.8 billion in 2014.
The CBC reported a $474.6 million in advertising revenues in 2014, a 43 per cent increase from the $331.1 million generated in 2013. This increase is largely attributed to the broadcast of the Winter Olympic Games in Sochi, the FIFA Soccer World Cup in Brazil, and the broadcasting of our true Canadian sport: hockey.
Agencies/Canadajournal
