The media and entertainment output in Canada has been steadily increasing, with some fluctuations, from 2013 to 2023. In 2023, the output stood at CAD 45.83 billion. Over the years, significant year-on-year increases were noted especially in 2017 (7.28%) and 2019 (5.67%), while a substantial decline occurred in 2020 (-6.27%) due to the pandemic. From 2022 to 2023, growth stabilized at approximately 1.3% year-on-year. The 5-year compound annual growth rate (CAGR) from 2018 to 2023 averaged 0.74%.
Looking ahead, the forecasted output indicates a moderate growth trend, with the CAGR for 2024-2028 projected at 0.96%. The output is expected to reach CAD 48.68 billion by 2028.
Future trends to watch for:
- Digital transformation and its impact on traditional media channels.
- The resurgence of live entertainment and events post-pandemic.
- Increasing investments in content creation and distribution platforms.
- The role of regulatory changes and government support in the sector's growth.
