Magazines Canada has issued a statement saying that, for Canadian magazines at least, the recession is over.
“Canada’s magazines are back,” says Magazines Canada chair Terry Sellwood. “The economic downturn was very challenging for all publishers but we are seeing some good signs for the year ahead. With continued economic stability in Canada and supportive and predictable government periodical programs, Canada’s magazine media will do its part in creating jobs and economic growth, and providing ever-increasing choice and convenience for Canadian consumers.”
The industry association says that federal government magazine policy and investment (for example, the Canada Periodical Fund, which represents approximately 3.8% of overall industry value) remains a key factor in the industry's success. It also said that its members have reported some pleasing trends:
- Advertising revenue has been improving over the past two years
- Consumer demand for magazines has remained steady in the past two years, despite the state of the economy; Canada's consumer magazines command over two-thirds of subscription sales in the country
- Canada's magazines are now fully integrated digital media companies. "Readers will continue to rely on the delivery of their print magazines to their mailbox but, today, readers can also access Canadian magazine brands and content almost anytime, anywhere.