The operating revenue of Canadian newspaper publishers declined to $1.6 billion in 2024, down by almost one-fifth (-17.9%) from 2022, when the Survey of Service Industries: Newspaper Publishers was last conducted. This decline occurred at a faster pace compared with the 7.3% decrease in operating revenue from 2020 to 2022, according to a report released Monday by Statistics Canada.
Advertising sales, the largest source of revenue for newspaper publishers, fell by over one-quarter (-26.1%) from two years earlier to $722.8 million in 2024. Sales of both print and digital advertising saw large declines, said the federal agency.
“From 2022 to 2024, print advertising sales declined by just over one-third (-34.3%) to $407.7 million. Meanwhile, digital advertising sales, which had been a source of growth for the industry over much of the previous 10 years, declined 11.9% to $315.1 million,” it said.
‘Circulation sales declined 7.6% to $541.1 million in 2024, compared with 2022. While digital circulation sales increased 4.0% from 2022 to 2024, print circulation sales fell $49.9 million, driven by an 11.0% decline in print circulation sales for daily newspapers.”
Statistics Canada said operating expenditures remained a key concern for newspaper publishers in 2024, with companies taking cost-cutting steps to address declining revenue. Operating expenses fell 19.1% from 2022 to 2024, a slightly faster rate than the 17.9% decline in operating revenue. This resulted in a slight increase in the industry’s operating profit margin, up from 1.9% in 2022 to 3.2% in 2024.
“From 2022 to 2024, newspaper publishers cut spending on salaries, wages, commissions and benefits by 17.6%, reducing this expenditure to $655.7 million; this figure represents 42.0% of the industry’s total spending.
“Many newspaper publishers also reduced their print operations, in some cases adopting digital-only models. This, together with declines in the cost of newsprint in 2024, enabled the industry to lower its print expenditures.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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