加拿大媒體公司市場前景及投資研究報告-培訓課件外文版2024.4

INDUSTRIES

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MARKETSMediacompaniesinCanadaCHAPTER

01OverviewMarketshareofleadingtelecommunicationsandmediacompaniesinCanadain2021,basedonrevenueRevenuemarketshareheldbyleadingtelcoandmediacompaniesinCanadain2021Revenuemarketshare15%0%5%10%20%25%30%BellTelus24.9%15.8%Rogers15%GoogleShaw7.3%7.2%QuebecorFacebookCBC4.3%4.2%1.7%1.6%CogecoNetflix1.4%SaskTel1.3%AmazonEastLink(Bragg)1.3%1.1%4Description:In2021,theleadingtelcoandmediacompanyinCanada,basedonrevenuewasBell,holdingclosetoaquarterofthemarket.BellCanadaprovideswireless,internet,TV,fibrenetworks,LTE,smarthome,andbusinessservices.Telus,atelcocompanyfromVancouver,rankedsecondthatyear,witha15.8percentshareofthemarket.ReadmoreNote(s):Canada;2021;includingtelecommmunicatiosandinternetbusinessSource(s):CMCRPMergersandacquisitions(M&A)valueinthemediaindustryinCanadafrom2000to2021(inmillionCanadiandollars)MediaindustryM&AvalueinCanada2000-202120,00018,00016,00014,00012,00010,0008,0006,0004,0002,00002000

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20215Description:In2021,thecumulativevalueofmergerandacquisitiondealsmadeinthemediaindustryinCanadareached1.8billionCanadiandollars.Ayearearlierthisfigurestoodat4.3billiondollars.Thehighestrecordedvaluesincethebeginningofthecenturywasrecordedin2012,surpassing12billionCanadiandollars.ReadmoreNote(s):Canada;2000to2021Source(s):CMCRPTelevisionindustryoperatingrevenueinCanadafrom2007to2022(inbillionCanadiandollars)TelevisionindustryrevenueinCanada2007-2022987.627.597.577.487.487.427.17.137.076.956.83765432106.666.566.516.396.1820072008200920102011201220132014201520162017201820192020202120226Description:RevenueintheCanadiantelevisionindustryamountedto6.83billionCanadiandollarsin2022.Afterseveraldeclinesinrevenueintheyearsbefore2021,thismarkedanincreaseofnearly200milliondollarscomparedwiththepreviousyear.

ReadmoreNote(s):Canada;2007to2022;includescableTVandsatelliteTVsubscriberrevenue,salesofairtime,governmentandcorporategrants,productionrevenueandotherSource(s):StatCanRadioindustryoperatingrevenueinCanadafrom2007to2022(inbillionCanadiandollars)RadioindustryrevenueinCanada2007-20222.52.032.0221.9921.971.971.951.921.922.01.51.00.50.01.91.891.861.571.541.5320072008200920102011201220132014201520162017201820192020202120227Description:TheradioindustryinCanadagenerated1.53billionCanadiandollarsinoperatingrevenuein2022,markingthelowestfigurereportedinoveradecade.Comparedwiththepreviousyear,operatingrevenuehaddroppedbyapproximately20thousanddollars.ReadmoreNote(s):2007to2022;includeslocal,nationalandnetworkrevenue,governmentandcorproategrants,productionrevenueandothertypesofrevenueSource(s):StatCanLeadingmediaandadvertisingagenciesinCanadain2021,bynewbusinessvalue(inmillionU.S.dollars)LeadingmediaandadagenciesinCanada2021,bynewbusinessvalue180160140120100801711469180605040200StarcomMediaComUMWavemakerOMD8Description:Itwascalculatedthatin2021Starcomgained171millionU.Sdollarsinnewbusiness,accountingforbothretainedandnewclientsinCanada.MediaComrankedsecond,witharesultof146milliondollarsinnewbusinessvalue.ReadmoreNote(s):Canada;2021;includingretentionsSource(s):COMvergenceDailytimespentwithselectedmediaamongadultsinCanadaasof3rdquarter2022(inhours.minutes)DailytimespentwithselectedmediaamongadultsinCanada202276.356543.4232102.051.491.431.111.090.56UsingtheinternetviaanydeviceWatchingTV(broadcastandstreaming)UsingsocialmediaviaanydeviceReadingpressmedia(onlineand

streamingservicesphysicalprint)ListeningtomusicUsingagamesconsoleListeningtobroadcastradioListeningtopodcasts9Description:Asofthethirdquarterof2022,Canadiansspentanaverageofonehourandfiveminutesperdayusingsocialmediaandmorethansixhoursperdayusingtheinternetingeneral.TVconsumptionwasalsohighatoverthreehours,whileCanadiansdevotedlesstimetomusicstreamingorgamingactivities.ReadmoreNote(s):Canada;Q32022;16-64years;amonginternetusersSource(s):DataReportal;GWI;Meltwater;WeAreSocialCHAPTER

02BellCanadaAnnualoperatingrevenuegeneratedbyBellCanadafrom2010to2022(inbillionCanadiandollars)BellCanadaoperatingrevenue2010-20223024.172523.7923.4723.4522.8822.7221.7221.5121.0420.419.9819.5201510518.070201020112012201320142015201620172018201920202021202211Description:In2022,BellCanadareportedannualrevenueof24.17billionCanadiandollars,upfrom23.45billioninthepreviousyear.Thecompany'srevenuehasbeenclimbinggraduallyovertheselectedtimeperiodwiththeexceptionof2020.

ReadmoreNote(s):Canada;2010to2022Source(s):BellCanadaAnnualoperatingrevenuegeneratedbyBellCanadafrom2010to2022,bysegment(inbillionCanadiandollars)BellCanadaoperatingrevenue2010-2022,bysegmentBellWirelessBellWirelineBellMedia12.42141210812.6612.3212.2612.3212.2112.1812.1512.110.710.6210.2210.19.599.1498.688.427.887.166.886.335.855.5965.234.9343.223.253.083.13.123.042.942.972.752.562.181.5420201020112012201320142015201620172018201920202021202212Description:CanadiantelecommunicationsproviderBellCanada(BCE)generated12.15billionCanadiandollarsthroughitsBellWirelinesegmentin2022,downfrom12.18in2021.Thecompany'sBellWirelessandBellMediasegmentsgenerated9.59and3.25billionCanadiandollarsrespectively.ReadmoreNote(s):Canada;2010to2022Source(s):BellCanadaAnnualnetearningsofBellCanadafrom2010to2022(inbillionCanadiandollars)BellCanadaannualnetearnings2010-20223.53.253.093.052.972.932.882.893.02.52.01.51.00.50.02.722.732.72.572.392.19201020112012201320142015201620172018201920202021202213Description:Accordingtocorporatedata,BCErecordedanincomeof2.93billionCanadiandollarsin2022,aslightincreasecomparedtothepreviousyear.BellCanada'sannualincomegenerallyhoversbetween2.5andthreebilliondollars,themajorityofwhichisattributabletocommonshareholders.ReadmoreNote(s):Canada;2010to2022Source(s):BellCanadaOperatingrevenueofBellCanadafrom2013to2023,byquarter(inbillionCanadiandollars)BellCanadaoperatingrevenue2013-2023,byquarter7.06.56.05.55.04.5Q1

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'2314Description:Inthethirdquarterof2023,theoperatingrevenuegeneratedbyBellCanadaamountedto6.21billionCanadiandollars,upslightlyfromthecorrespondingquarterofthepreviousfiscalyear.BCE'srevenueisgenerallyhighesttowardstheendoftheyear,andthecompanytendstogenerateitshighestnetearningsinthefourthquarter.ReadmoreNote(s):Canada;2013to2023Source(s):BellCanadaNetearningsofBellCanadafrom2013to2023,byquarter(inmillionCanadiandollars)BellCanadanetearnings2013-2023,byquarter1,000900932934922867850814830800758814791817791813788771800700600500400300200755709740733723734687714707703699688672671654642617593594583568567542452397294Q1

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'2315Description:Inthesecondquarterof2023,thenetearningsgeneratedbyBellCanadaamountedto397millionCanadiandollars,asignificantdecreasecomparedtothecorrespondingquarterofthepreviousfiscalyear.

ReadmoreNote(s):Canada;2013to2023Source(s):BellCanadaNumberofsubscriberstoBellCanadaservicesfrom2010to2022,byservice(inmillions)BellCanadanumberofsubscribers2010-2022,byserviceWireless**High-speedinternetTelevisionLocaltelephone141210812.411.7110.229.969.69.257.379.28.737.578.56.38.26.78.18.17.17.97.87.664.262.753.92.962.853.862.743.83.73.52.73.562.73.42.743.32.63.233.12.942.12.982.232.32.82.772.742.52.482.32.1920201020112012201320142015201620172018*201920202021202216Description:Accordingtocorporatedata,BCEwirelessserviceshad12.4millionsubscribersin2022,includingmobilephonesandmobile-connecteddevices.Thisrepresentsanincreasefromthe11.7millioninthepreviousyear.Thecompanyalsoreported4.26millionhigh-speedinternetcustomersand2.75millionTVsubscribers.ReadmoreNote(s):Canada;2010to2022Source(s):BellCanadaCHAPTER

03CBC/Radio-CanadaAnnualrevenuegeneratedbyCBC/Radio-Canadafrom2010to2022(inmillionCanadiandollars)CBC/Radio-Canadaannualrevenue2010-2022900800767.83688.967006005004003002001000662.34651.42646.07600.14573.08566.71556.92528.39504.41503.94490.15201020112012201320142015201620172018201920202021202218Description:In2022,CBC/Radio-Canadagenerated651.42millionCanadiandollarsinrevenue,slightlyupfrom503.94millionin2021.TheCanadiannationalbroadcasterhadnotreportedrevenueofgreaterthan600millionsince2016.

ReadmoreNote(s):Canada;2010to2022Source(s):CBCAnnualadvertisingrevenuegeneratedbyCBC/Radio-Canadafrom2010to2022(inmillionCanadiandollars)CBC/Radio-Canadaannualadvertisingrevenue2010-2022600491.195004003002001000419.55375.73367.7364.65333.42318.28309.23300.59262.48253.47249.92248.75201020112012201320142015201620172018201920202021202219Description:Between2010and2022,thevalueofCBC/RadioCanadaadvertisingrevenuefluctuated.Inthepresentedperiod,itreacheditshighestvaluein2014,amountingto491millionCanadiandollars.Inthemostrecentfiscalyear,theadrevenueofthecompanycameclosetothe2014result,with419.55millionCanadiandollars.ReadmoreNote(s):Canada;2010to2022Source(s):CBCAnnualnetincomeofCBC/Radio-Canadafrom2010to2022(inmillionCanadiandollars)CBC/Radio-Canadaannualnetincome2010-2022200150142.0910040.86500-7.4-12.562018-17.952014-50-47.392015-50.972013-54.452019-58.32010-59.12020-63.992016-70.772017-100-150-92.07202220112012202120/statistics/482999/cbc-radio-canada-annual-net-incomeThenationalCanadiantelevisionandradiobroadcasterCBC/Radio-Canadareportedanetlossof92.07millionCanadiandollarsin2022.Thismarksasignificantdropfromthepreviousyear,however;thecompanyhasbeenreportinglossessince2014.ReadmoreNote(s):Canada;2010to2022Source(s):CBCCHAPTER

04CogecoCommunicationsAnnualprofitofCogecoCommunicationsinCanadafrom2012to2022(inmillionCanadiandollars)CogecoCommunicationsannualprofitinCanada2012-20225004003002001000-100-200-3002012201320142015201620172018201920202021202222Description:CogecoCommunicationsreportedanincomeof453.76millionCanadiandollarsinthefiscalyear2022.ThisrepresentsaslightincreaseintheannualprofitofCogecoCommunicationssincethepreviousyear,asthecompanyreportedanannualprofitof431.65millionCanadiandollarsinthefiscalyear2021.ReadmoreNote(s):Canada;2012to;FYendsAugust31Source(s):Cogeco(Communications)RevenueofCogecoCommunicationsininCanadafrom2013to2023,byquarter(inmillionCanadiandollars)CogecoCommunicationsrevenueinCanada2013-2023,byquarter9008007006005004003002001000Q1

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'2323Description:Accordingtocompanydata,CogecoCommunicationsreportedarevenueof741.8millionCanadiandollarsinthesecondquarteroffiscal2023.Thismarksanslightincreasefromthe728.1millionCanadiandollarsreportedinthecorrespondingquarteroffiscal2022andisinlinewiththecompanytrends,withrevenuesurpassing700millionCanadiandollarssofarineachquartersincethefirstquarterofFY2022.ReadmoreNote(s):Canada;2013to2023;FYendsAugust31Source(s):Cogeco(Communications)ProfitofCogecoCommunicationsininCanadafrom2013to2023,byquarter(inmillionCanadiandollars)CogecoCommunicationsprofitinCanada2013-2023,byquarter3002001000-100-200-300-400-500Q1

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'2324Description:Accordingtocompanydata,CogecoCommunicationsreportedaprofitofaround101millionCanadiandollarsinthethirdquarteroffiscalyear2023.ThismarksadecreasefromthecorrespondingquarterinFY2022,whenthecompanyreportedaprofitof105.4millionCanadiandollars.ThequarterlyresultsofCogecoCommunicationinthefiscalquartersof2013to2023showthatprofitsfluctuatesignificantlythroughouttheyear.ReadmoreNote(s):Canada;2013to2023;FYendsAugust31Source(s):Cogeco(Communications)AnnualrevenueofCogecoCommunicationsinCanadafrom2012to2022(inmillionCanadiandollars)CogecoCommunicationsannualrevenueinCanada2012-20223,5003,0002,900.652,510.452,444.062,384.282,5002,347.682,307.42,262.032,187.162,096.042,0001,5001,0005001,834.261,406.351,267.29020112012201320142015201620172018201920202021202225Description:TheannualrevenueofCogecoCommunicationsinthefiscalyear2022reachedover2.9billionCanadiandollars.Thismarksanincreasefromthepreviousyear,whenthecompanyreportedanannualrevenueof2.5billionCanadiandollars.Italsomarksthecompany'shighestrevenue,accordingtopreviouscompanydata.ReadmoreNote(s):Canada;2011to2022;FYendsAugust31Source(s):Cogeco(Communications)QuarterlynumberofCogecoInc.videoservicecustomersinCanadafromAugust2013toFebruary2023(in1,000s)CogecoInc.quarterlyvideosubscribernumberinCanada2013-202385080075070065060055026Description:Accordingtocorporatedata,CogecoInc.hadaround639.99thousandCanadianvideosubscribersinthecompany'ssecondquarteroffiscal2023,downfromabout667thousandinthecorrespondingfiscalperiodofthepreviousyear.Ingeneral,Cogeco'svideoservicebusinessinCanadahasbeenlosingcustomersconsistentlyforyears.ReadmoreNote(s):Canada;August2013toFebruary2023Source(s):CogecoCHAPTER

05CorusEntertainmentAnnualrevenuegeneratedbyCorusEntertainmentinfiscalyears2010to2022(inmillionCanadiandollars)CorusEntertainmentannualrevenue2010-20221,8001,6001,4001,2001,0001,679.011,687.51,647.441,598.591,543.481,511.241,171.3842.28833.02825.21815.32767.53751.548006004002000201020112012201320142015201620172018201920202021202228/statistics/485957/corus-entertainment-revenue-annualCorusEntertainmentgeneratedover1.59billionCanadiandollarsinannualrevenueinthefiscalyear2022.Thisrepresentedagrowthfromtheannualrevenuegeneratedin2021inwhichtheyreportedover1.54billionCanadiandollarsinrevenue.

ReadmoreNote(s):Canada;September2009toAugust2022Source(s):CorusEntertainmentAnnualrevenuegeneratedbyCorusEntertainmentinfiscalyears2015to2022,bytype(inmillionCanadiandollars)CorusEntertainment:annualrevenue2015-2022,bytypeAdvertisingSubscriberfeesDistribution,production,andother89.221,8001,6001,4001,2001,00080091.4195.78114.63518.48106.04498.0693.81496.45506.67507.76103.77405.73490.9684.7600340.321,101.8120191,080.9320171,043.812018859.62022400823.452020842.22021661.822016200390.32015029Description:CorusEntertainmentreportedover859.6millionCanadiandollarsinrevenuegeneratedbyadvertisinginthefiscalyear2022.Advertisingcontributedthelargestsharetorevenue,asrevenuefromsubscriberfeesin2022amountedtoabout518millionCanadiandollars.ReadmoreNote(s):Canada;September2014toAugust2022Source(s):CorusEntertainmentAnnualrevenuegeneratedbyCorusEntertainmentinfiscalyears2010to2022,bysegment(inmillionCanadiandollars)CorusEntertainmentannualrevenue2010-2022,bysegmentTelevisionRadio1,8001,6001,4001,2001,000800142.59149.22148.03105.997.19103155.711,529.791,544.89191.33650.952012172.59660.4220141,499.321,492.7195.66629.562011161.55653.771,446.31,408.24192.43575.12010183.69567.8520136001,015.6140020002015201620172018201920202021202230Description:Forthefiscalyear2022,CorusEntertainment'stelevisionsegmentgeneratedaround1.49billionCanadiandollarsinrevenue,upfromaround1.44billionreportedinfiscal2021.Theradiosegmentistypicallylesslucrative,generating105.9millionCanadiandollarsinthefiscalyear2022.ReadmoreNote(s):Canada;September2009toAugust2022Source(s):CorusEntertainmentRevenuegeneratedbyCorusEntertainmentfromfiscal1stquarter2013to1stquarter2023(inmillionCanadiandollars)CorusEntertainmentquarterlyrevenuequarterly2013-202350045040035030025020015010050031Description:CorusEntertainmentgeneratedabout431.2millionCanadiandollarsinrevenueinthefirstfiscalquarterof2023.Thismarksadecreasefromthecorrespondingfiscalquarterofthepreviousyear,whenthecompanyreportedrevenueofnearly463.9millionCanadiandollars.ReadmoreNote(s):Canada;September2012toNovember2022Source(s):CorusEntertainmentAnnualnetincomeofCorusEntertainmentinfiscalyears2010to2022(inmillionCanadiandollars)CorusEntertainmentannualnetincome2010-2022400224.09194.6180.7165.75153.74156.15156.172000143.56126.73-19.5-200-400-600-800-1,000-232.2-607.72020-758.1620182010201120122013201420152016201720192021202232Description:CorusEntertainmentreportedanetlossof232millionCanadiandollarsinfiscal2022.Inthepreviousyearthecompanyreportedagainof194millionCanadiandollars.Thecompany's2020fiscalyearendedwithasignificantlossof607.7millionCanadiandollars.ReadmoreNote(s):Canada;September2009toAugust2022Source(s):CorusEntertainmentQuarterlynetincomeofCorusEntertainmentfromfiscal1stquarter2013to1stquarter2023(inmillionCanadiandollars)CorusEntertainmentquarterlynetincome2013-20234002000-200-400-600-800-1,00033Description:CorusEntertainmentreportedanetincomeofabout31.4millionCanadiandollarsinitsfirstfiscalquarterof2032,markingadecreasefromthe76.2millioninthecorrespondingfiscalperiodofthepreviousyear.Itisalsoasignificantrecoveryfromthefourthfiscalperiodof2022,wherethethecompanyrecordednelossesofover367milliondollars.ReadmoreNote(s):Canada;September2012toNovember30,2022Source(s):CorusEntertainmentCHAPTER

06PostmediaNetworkCanadaAnnualrevenuegeneratedbyPostmediaNetworkCanadafromfiscal2011to2022(inmillionCanadiandollars)PostmediaNetworkCanadaannualrevenue2011-20221,000898.899008007006005004003002001000860.38831.88751.58750.28754.26674.26676.29619.64508.41458.22442.3420112012201320142015201620172018201920202021202235Description:TheCanadiannewspaperpublisherPostmediaNetworkCanadareachedarevenueof458.22millionCanadiandollarsinthe2022fiscalyear,upfromover442millionin2021.However,theoveralltrendfromrecentyearsshowsadecreaseinrevenue,asthecompanyhadgeneratedcloseto900millionCanadiandollarsinrevenuein2011.ReadmoreNote(s):Canada;September1,2010toAugust31,2022Source(s):PostmediaNetworkAnnualrevenuegeneratedbyPostmediaNetworkCanadafromfiscal2011to2022,bysource(inmillionCanadiandollars)PostmediaNetworkCanadaannualrevenue2011-2022,bysourcePrintadvertisingPrintcirculationDigitalOther1,000900800700600500400300200100018.6287.0539.1293.818.6489.0818.5391.6125.9697.6736.24219.316.6105.4730.91209.1888.0228.5260.89116.42195.9125.07221.9718.79108.04239.04194.1832.0816.11102.92220.41206.67119.49573.922011190.87514.992012466.572016171.82157.33445.552013404.692015375.462014373.512017308.562018259.412019190.692020151.492021149.32202236Description:PostmediaNetworkCanada'srevenuefromprintadvertisingamountedto149.32millionCanadiandollarsinthefiscalyearwhichendedAugust31,2022,downfromover151millionin2021.Whilethecompany'srevenuefromprintcirculationalsodroppedcomparedtothepreviousfiscalyear,boththerevenuesfromdigitalandothersourcesincreased.ReadmoreNote(s):Canada;September1,2010toAugust31,2022Source(s):PostmediaNetworkAnnualnetincome/lossofPostmediaNetworkCanadafromfiscal2011to2022(inmillionCanadiandollars)PostmediaNetworkCanadaannualnetincome/loss2011-20221005044.7633.730-9.59-7.07-16.15-50-100-150-200-250-300-350-400-26.03-33.87-74.71-107.46-160.23-263.412015-352.482016201120122013201420172018201920202021202237Description:TheannualnetlossofPostmediaNetworkCanadaforthefiscalyear2021was74.7millionCanadiandollars.TheCanadiannewspaperpublisherreportedanetearningof33.7millionCanadiandollarsinthepreviousfiscalyearwhichendedAugust31,2020.ReadmoreNote(s):Canada;September1,2010toAugust31,2022;income/lossattributabletoequityholdersofthecompanySource(s):PostmediaNetworkQuarterlyrevenuegeneratedbyPostmediaNetworkCanadafromfiscal1stquarter2014to2ndquarter2023(inmillionCanadiandollars)PostmediaNetworkCanadaquarterlyrevenueQ12014-Q22023300251.08230.23250218.32214.85194.64209.08205.09193.98190.02

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'2338Description:PostmediaNetworkCanadareportedrevenueofabout111.83millionCanadiandollarsinthesecondfiscalquarterof2023.Nonetheless,thismarksanincreasefromthecorrespondingquarteroffiscal2022,whenrevenuewasjustabout102.48millionCanadiandollars.ReadmoreNote(s):Canada;September1,2014toApril,2023Source(s):PostmediaNetworkQuarterlynetincome/lossofPostmediaNetworkCanadafromfiscal1stquarter2014to2ndquarter2023(inmillionCanadiandollars)PostmediaNetworkCanadaquarterlynetincome/lossQ12014-Q2202310052.8340.3313.0550020.6117.8413.478.740.725.77-1.25-15.54-1.42-5.08-7.68-7.9-3-4.23-4.42-22.11-11.81-25.29-10.26-49.76-12.8-123.81-16.77

-15.91-20.78-23.68-22.85-26.45-28.56-31.41-50-54.09-58.22-100-150-200-250-99.44-140.84-225.13Q1

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'2339Description:PostmediaNetworkCanadareportedanetlossof20.781millionCanadiandollarsinthesecondquarteroffiscal2023,markingadropfromthecorrespondingquarterin2022.However,thisisalsoindicativeofandecreaseinnetincomeincomparisontothepreviousquarter,whenthecompanyreportedanetlossof15.91millionCanadiandollars.ReadmoreNote(s):Canada;September1,2014toFebruary28,2023;income/lossattributabletoequityholdersofthecompanySource(s):PostmediaNetworkCHAPTER

07QuebecorAnnualrevenuegeneratedbyQuebecorInc.from2010to2022(inmillionCanadiandollars)QuebecorInc.annualrevenue2010-20225,0004,5004,554.44,531.94,293.84,317.84,206.64,1814,122.44,000.14,016.63,890.84,0003,5003,0002,5002,0001,5001,0005003,619.83,549.83,454.80201020112012201320142015201620172018201920202021202241Description:In2022,Quebecor,amediaandcommunicationscompanybasedinQuebec