From massive layoffs to shuttered newsrooms, the crisis facing the Canadian media sector is worsening by the day. And when our media suffers, our economy suffers.
A new study commissioned by Friends of Canadian Media and our partners shows that our media ecosystem supports nearly 170,000 jobs and contributes an estimated $21 billion to Canada’s GDP. That’s why it’s critical that our government close the tax loophole that allows Big Tech to siphon off billions in Canadian advertising dollars every year – money that should be going to domestic news, programming, and jobs.
But that’s not all. Ottawa must also lead by example by redirecting at least 25% of federal advertising spending towards Canadian news outlets. Reallocating these advertising dollars away from American Tech Giants and towards domestic, particularly local news media, would provide material support to struggling Canadian news publishers while sending a strong message to Canadians that our news media is critical to our democracy and must be supported.
With a budget fast approaching, there’s not a moment to lose. It’s time to put Canadian ads back in Canadian media. Read our budget asks today, and if you agree, write to François-Philippe Champagne, urging him to take action on this critical issue.