|(in thousands of Canadian dollars)||For the year ended March 31|
|Financing and other income|
The following paragraphs explain the revenue increase of $121.8 million (18.8 %) in 2013—2014 compared to last year.
Advertising revenue was higher by $126.5 million (34.7%) in 2013—2014 compared to 2012—2013. This was mainly due to the coverage of the Sochi 2014 Olympic Winter Games in February 2014, which generated advertising revenue on multiple platforms for both English and French Services. The return of HNIC following the NHL lockout last year also contributed to the increase in English Services’ advertising revenue. This year, CBC broadcast 42 more pre-season and regular season hockey games and three fewer playoff games than last year. However, these revenue increases were somewhat offset by the overall weakening advertising market.
Subscriber fees were lower by $2.9 million (2.1%) compared to the previous fiscal year. This decrease is mainly attributable to English Services’ sale of bold on March 25, 2013, partly offset by higher revenue in French Services from ICI EXPLORA following its launch in March 2012.
Financing and other income was lower by $1.9 million (1.3%) compared to last year. This was mainly due to a $11.8 million reduction in Local Programming Improvement Fund (LPIF) contributions to both English and French Services. The fund will be fully phased out by August 31, 2014.
For English Services, the LPIF reduction was more than offset by the recognition of non-advertising Olympic revenue. For French Services, non-advertising Olympic revenue only partly offset the LPIF reduction.
Corporate Services’ revenue increased by $1.6 million (4.2%) relative to last year. This was mainly due to higher space rental revenue in Toronto, consistent with our plan to reduce the Corporation’s real estate footprint.