TORONTO, June 13, 2012 /CNW/ - The Canadian Recording Industry makes a significant contribution to Canada's economy with a vast majority of the activity taking place in Ontario, according to a new report by PwC for Music Canada.
The analysis examines the spending of major and independent music companies in Canada and estimates their impact on the GDP as $240 million in 2010 with a staggering 81% of the activity taking place in Ontario. This generates $37 million dollars in government revenues in Ontario alone.
"This is music to my ears," said Michael Chan, Minister of Tourism, Culture and Sport. "Ontario is home to gifted professionals - from musicians, to producers to record labels that promote our province's unique culture while generating highly skilled jobs that strengthen our economy. The McGuinty Government is proud to partner with our music sector, solidifying Ontario's reputation as a competitive creative market and a national industry leader."
Quebec is the next largest market, and with the Atlantic and Prairie regions, accounts for about 32% of the independent companies' spending and 12% of the major companies' spending.
Thousands of high paying jobs are supported by record companies in Canada with 3300 direct and indirect jobs across the country, and roughly 7400 more in the live performance sector.
"The recording industry in Canada is providing highly skilled, high-paying jobs today, even after a long period of contraction due to the effects of piracy," says Graham Henderson, President of Music Canada. "In Ontario alone, our study shows that large and small recording companies have created more than 2600 jobs and this doesn't even include the broader music sector of artists, musicians, live performance and retail for instance. At an average wage of $60,100, those working for record companies in Ontario are making well above the average wage of industries across the province."
The report was released today at the Annual General Meeting of Music Canada, the trade association representing the major music companies in Canada. The report was prepared by PwC. An executive summary, and full report with detailed industry analysis, quantitative regional analysis, and source tables is available at www.musiccanada.com/research.aspx.
Music Canada is a non-profit trade organization that represents the major music companies in Canada, namely EMI Music Canada, Sony Music Entertainment Canada, Universal Music Canada and Warner Music Canada. Music Canada also provides certain membership benefits to some of the leading independent record labels and distributors. Its members are engaged in all aspects of the recording industry, including the manufacture, production, promotion and distribution of music.
For further information:
Amy Terrill - Vice President Public Affairs, Music Canada
[email protected] 647-963-6044