In March 2016, the Government of Canada announced an important reinvestment in us by increasing our funding by an additional $75 million in 2016-2017, growing to $150 million in the following years. This is an important vote of confidence by the government and by Canadians in our programs, our people and our vision for the future.
The continued funding of salary inflation beyond 2017-2018 is a critical component of our financial strategy. This funding has yet to be confirmed for future years.
Our revenue continues to be exposed to the industry-wide softening of advertising markets and the shift of advertising away from traditional television to digital platforms. We are closely monitoring the situation, as we expect the advertising market to
Outcome of government’s consultation on Canadian content in a digital world
On September 28, 2017, the Honourable Mélanie Joly, Minister of Canadian Heritage, announced the Government of Canada’s vision for culture. As part of the earlier public consultation, we proposed removing advertising from our platforms and receiving replacement funding. This was part of our submission “A Creative Canada: Strengthening Canadian Culture in a Digital World.” The government has not made a decision on that proposal. There is a continued risk that our organization will not remain sustainable as we anticipate the Canadian conventional TV advertising market to remain under pressure and the media industry to continue to be disrupted. Without a solution, program spending in future years will have to be reduced to match available resources, and some services will have to be cut.
olympic games 2020-2024
On October 21, 2015, the International Olympic Committee (IOC) announced that we had been awarded the Canadian broadcast rights for the Beijing 2022 Olympic Winter Games and the Paris 2024 Olympic Games. We’re now Canada’s Olympic Network and official broadcaster for the next three Olympic Games, including Tokyo 2020, along with our broadcast partners Bell Media and Rogers Media.