CBC/Radio-Canada’s second 2024–2025 quarterly report now available online

Nov 29, 2024

Q2 Financial Highlights

• Our revenue increased by 69.7% mainly driven by growth in our advertising revenue from the coverage of the Olympic Games Paris 2024. This increase was partially offset by lower non-Olympics-related TV advertising revenue as a result of a softer TV advertising market as audiences are shifting to digital.
• Government funding recognized in income increased by 17.5%. This seasonal increase was consistent with our expected needs for operating funding in the quarter.
• Our expenses increased by 22.4% as this quarter’s results included costs associated with the rights and production of the Olympic Games Paris 2024. The timing of our broadcasting schedule also contributed to the increase. The increase was partially offset by lower programming costs and a lower pension expense.

For the three months ended September 3020242023% changeRevenue180,136106,17569.7Government funding389,054331,02017.5Expenses(505,829)(413,311)22.4Results before other gains and (losses)63,36123,884N/MOther gains and losses(132)(308)(57.1)Net results for the period63,22923,576N/M

N/M = not meaningful

Net results for the period were a gain of $63.2 million this quarter, compared to a gain of 23.6 million in the same period last year.

“Our second quarter results showed an increase in both revenue and expenses, mainly due to our broadcast of the Paris 2024 Olympic Games. However, our TV advertising revenue continues to face pressure due to challenging market and industry trends. We remain focused on responsibly balancing our financial objectives while navigating these challenges.”

– Carol Najm, Vice-President and Chief Financial Officer, CBC/Radio-Canada

Q2 Business Highlights

This quarter was punctuated by a number of noteworthy events and achievements. Our coverage of the Paris 2024 Olympic Games brought all the excitement and action of the Games to Canadians, who tuned in in record numbers to watch Team Canada go for gold. An astounding 13.3 million viewers¹ watched our TV coverage of the opening ceremony with an additional 1.9 million streams² on CBC/Radio-Canada’s digital platforms. Over the course of the full 17-day event, more than 27 million Canadians tuned in, along with 72 million digital streams³. Over 11 million⁴ Canadians watched our extensive broadcast coverage of the Paris 2024 Paralympic Games during a 12-day period, with record gains recorded across broadcast, digital and streaming platforms, indicating greater interest in Paralympic sport in Canada.

In support of our National Indigenous Strategy, we celebrated Indigenous culture throughout the month of June with a lineup of original and special programming that showcased First Nations, Métis and Inuit perspectives and experiences. Special programming included the 2024 Indspire awards, a full day of radio programming to highlight the work of Indigenous artists on CBC Music, and the Unreserved 10th Anniversary Special. For the National Day for Truth and Reconciliation, we hosted an extensive lineup of Indigenous-led original programming across our platforms, such as Se souvenir des enfants : Journée nationale de la vérité et de la réconciliation and an episode of Commotion dedicated to Indigenous Futurism.

We continued to champion Canadian creators and filmmakers at the 2024 Toronto International Film Festival (TIFF), where 13 titles supported by CBC/Radio-Canada premiered on the big screen, bringing these incredible stories to audiences in Canada and around the world.

Reinforcing our commitment to a low-carbon future as Canada’s national public broadcaster, and furthering the goals outlined in our environmental strategy, Greening Our Story, we were proud to once again partner with, and speak at, the Sustainable Production Forum, a global conference focused on accelerating sustainability in the film and television industry. We also spearheaded Green Frame, a collaborative initiative focused on reducing the environmental impact and increasing the sustainability of Canadian TV and film production. This coalition brings together key industry partners to align efforts to accelerate the decarbonization of productions.

“Championing Canadian stories is CBC/Radio-Canada’s raison d’être. It’s why, over the last quarter, we’ve been thrilled to join forces with the independent production sector and other national cultural institutions to celebrate our homegrown talent and support a vibrant cultural sector. It’s at the heart of our role as Canada’s national public broadcaster.”

– Catherine Tait, President and CEO, CBC/Radio-Canada
To learn more about these and other second-quarter accomplishments, access the full version of our 2024–2025 Second Quarter Financial Report.

Media contact:

Eric Wright

Senior Specialist, Media Relations

eric.wright@cbc.ca

NT5