In 2023, the Media and Entertainment sector in Canada had approximately 204.26 thousand employees. This marked a 1.07% year-on-year increase, following a notable contraction in 2022. Over the last two years, the sector has experienced significant volatility, with a substantial jump of 21.33% in 2021, likely a rebound effect post the 2020 pandemic-related decrease of 6.89%. Considering the last five years from 2018 to 2023, the compound annual growth rate (CAGR) stood at 3.01%, indicating moderate growth amid recovery phases.
Moving forward, the forecasted data from 2024 to 2028 predicts a continuing upward trend, albeit at a slower pace. The forecasted five-year CAGR of 1.13% suggests more stable but modest growth. By 2028, the employee count is expected to reach 219.31 thousand, reflecting a cumulative growth rate of 5.79% over this period.
Future trends to watch for include:
- Technological advancements and their impact on job roles and demand.
- Shifts in consumer behavior towards digital media.
- Global economic conditions influencing investments in media and entertainment.
- Regulations and policy changes affecting the sector.
