Canuck industry faces $1.8bn hit
The Canadian film and TV production sector faces a C$2.5bn (US$1.8bn) hit due to Covid-19, according to the Canadian Media Producers Association (CMPA).
The projection is based on historical data from the CMPA’s economic report Profile, which shows that a production shutdown lasting from mid-March until the end of June will put as much as C$2.5bn in production volume at risk.
According to the CMPA, the timing of the pandemic shutdown has hit the industry particularly hard, given that spring and early summer is one of the busiest times of the year for the sector, as production and the hiring of cast and crew reaches a peak.
The projections indicate up to C$1.4bn of the production spending at risk is money that for labour, meaning up to 172,000 jobs could be at risk.
“Much like the retail, hospitality and tourism sectors, Covid-19 has brought media production in Canada to a screeching halt,” said Reynolds Mastin, president and CEO of the CMPA.
“These numbers should serve as a wake-up call for what’s at stake and motivate us all to work together to ensure the industry can get back on its feet as quickly as possible once this crisis ends.
“The federal government has taken an active interest in the impact on our sector and I’d like to specifically thank the Minister of Canadian Heritage, Steven Guilbeault, for the recently announced Covid-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations.
“We look forward to working with the minister, his staff and the federal funding bodies to develop a plan to direct this support toward the individuals and companies working in production who have been hit hard by the fallout from Covid-19.”