Why Canada must bet big on its audiovisual industry
A version of this op-ed was published in The Toronto Star on Wednesday, January 29, 2025.
Have you seen any great content lately? When people talk about movies and TV shows, the conversation is often about their favorite stars, the newest bingeworthy series, or box-office numbers. For me, it’s the beating heart of Canadian stories that capture who we are as a country—our triumphs, our struggles, our complex identity. Stories build understanding and connect us to each other and the world in a way few other things can.
Did you know that our screen-based stories, and the industry behind them, are also a massive economic engine in Canada? Here’s a stat that might surprise you: Canada’s audiovisual sector directly contributes as much to our country’s economy as the direct contributions of the aerospace industry, and more than fisheries or the automotive industry. In 2023-2024, film and television production alone added over $11 billion to Canada’s GDP, attracted $5.6 billion in foreign investment from sales and co-productions, and supported more than 179,000 jobs. That number climbs to over 271,000 jobs when you include the entire value chain—broadcasters, cinemas, and more.
Behind these numbers are real people, real communities. Countless small and medium-sized businesses depend on this industry: local hotels, restaurants, equipment rentals, transportation services, from Victoria to Iqaluit to Charlottetown.
These numbers and what they mean are impressive—but there’s a catch. The numbers come from the Canadian Media Producers Association’s latest Profile report, which was just released and tracks annual statistics for Canada’s screen-based industries. If you compare year over year, what these numbers tell us is that Canada’s audiovisual production has taken a steep downturn. Production activity fell from $11.8 billion to $9.6 billion in just one year, a 19 per cent drop. And the $5.6 billion in foreign investment mentioned above? That’s a 24 per cent plummet from the year before.
Why did this happen? As this industry like many others was recovering from COVID, the economy took a serious downward shift—plus, two Hollywood strikes had a big impact across North America. And if this trend continues, that means fewer Canadian projects, less foreign investment, missed opportunities for talented creators. The economy will take a hit in communities from coast to coast to coast. The stakes couldn’t be higher.
The next months are critical. Major changes are on the horizon. In 2025, due to new rules by the Canadian Radio-television and Telecommunications Commission (CRTC), it is expected streaming platforms will begin contributing to Canadian production funds. At the same time, the CRTC is working on the development of a new regulatory framework, including redefining what counts as Canadian content. Canadian Heritage is working with the Canada Media Fund, Telefilm, the National Film Board, and the Indigenous Screen Office to modernize the ways we invest in domestic content on all screens.
This is a once-in-a-generation opportunity. We have to get it right. The old ways of doing business won’t cut it in a landscape dominated by global platforms, rapid technological change, and constant market adjustment.
A fresh, bold approach is required. A Canada-centric strategy that puts Canadian creators, companies, intellectual property, and innovation at the forefront while continuing to attract valuable foreign investment. Canada has long been a favorite location for foreign productions. Big-budget shows and movies come here for our stunning locations, skilled crews, and competitive costs. That’s good for jobs and good for local economies.
Foreign productions are valuable. However, creating space for our own stories is a critical piece of our economic future. Shows like Heartland and Murdoch Mysteries demonstrate this. In their first 10 seasons alone, each show generated nearly half a billion dollars in economic activity. They are still going strong, both in their 18th seasons, and they are loved by audiences at home and around the world.
Great stories don’t appear out of thin air. Like any industry, our stories require investment, development, time, and space to flourish. We have seen the impact of significant public investment in Quebec, the United Kingdom, Australia, and the Nordic countries. Our neighbour to the south is the largest creator of entertainment in the world. Public investment in Canada’s audiovisual industry is therefore key—it’s what helps creators develop, produce, and market our best domestic projects.
Ideally, our new regulatory system will reflect the realities of today’s industry, both foreign and domestic, and reward innovation, attract investment, and ensure Canadian talent and stories are front and centre. A balancing act for both the economy and culture of our country.
The status quo isn’t good enough. We have an opportunity to work together to leverage previous investment, ensuring growth for the next generation. Investing in Canadian film, television, and digital media is about celebrating our culture, and securing our economic future.
Our content is worth it. Our creators and businesses are worth it. Our audiences are worth it.
It’s time to stand up for Canada.
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Valerie Creighton is president and CEO of the Canada Media Fund, which is the country’s largest funder of Canadian content across all audiovisual platforms.