Canada’s Music Industry Shows Significant Growth in 2023: report

Record production and distribution achieves $900 million operating revenue, report says

By Lester Bronzon Catarbas

The Canadian music industry is thriving according to a recent report by Statistics Canada. Figures show a $903.3 million in operating revenue for the record production and distribution industry in 2023, which is a 21.2% increase from 2021. Streaming services were the driving force behind this surge, generating $517.2 million. Streaming now accounts for nearly 80% of total sound recording sales, a 75.9% increase from 2021.

Music publishing also experienced a strong growth, with revenues climbing 13.3% to $491.9 million. Meanwhile, the sound recording studio sector, which struggled during the pandemic, rebounded with a 10.2 revenue increase, reaching $169 million.

Vinyl records are on the rise as well, accounting for 13% of total recording sales, suggesting a niche yet significant market that students can explore.

What this means for Seneca’s Independent Music Production students

For students in the Independent Music Production (IMP) program at Seneca, these statistics signal promising job prospects for them. The growing dominance of streaming means an increased demand for digital-savvy professionals skilled in music production, distribution and content creation.

Although the recent statistics provide a positive outlook for them, students say they are skeptical about their future job prospects.

Jiya Noota, a current student in the program, said the increased competition in the industry makes it harder for them to establish themselves. “[The recent stats] does mean good things. but it also means, you got to put in the work lots of times,” she told S@Y News.

Could this signal a revival of the Radio Broadcasting program

Seneca Polytechnic’s Radio Broadcasting program was recently suspended due to shifting industry trends and declining enrollment. “The radio program shutting down at Seneca is sad news for radio professionals and young people with dreams of radio career. The uptick of streaming services for music spells even more bad news for radio, as it reveals consumers want to hear their music on streaming services as opposed to traditional radio,” said Craig Robertson, a professor in the Radio Broadcasting program.

Robertson said that although there are opportunities for growth on both the radio and music industries, he doesn’t see an impact of it in this case. “Unfortunately, the radio business has been stung by the economy and big media corporations shutting down stations due to a lack of growth,” he added.

“I dont think this will impact the return of the radio program at Seneca. [It] will make a return, but not any time soon,” Roberston said.

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