MONTREAL, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Stingray (TSX: RAY.A; RAY.B), a global leader in music, media, and technology, has taken the initiative to collaborate with a group of independent broadcasters, advocating for government intervention to aid Canada's local radio sector. A persuasive letter has been sent to the Honourable Chrystia Freeland and the Honourable Pascale St-Onge, outlining actionable recommendations to address the economic challenges posed to local radio by the digital shift and the loss of advertising dollars to online platforms.
Stingray and its independent industry partners propose that the upcoming budget includes a commitment to dedicate at least 70% of the Government of Canada's advertising expenditures to local media, ensuring an even distribution across radio, television, print, and Canadian-owned digital media. Additionally, they recommend establishing a minimum 20% tax credit to motivate advertisers to invest in advertising with Canadian-owned print and broadcast media, providing a much-needed boost to these vital (yet endangered) sectors.
Eric Boyko, President, Co-Founder, and CEO of Stingray, emphasized the importance of these recommendations, saying, "The local radio sector is an integral part of our national identity, providing a connection to Canadian culture, music, and essential information, particularly during local or regional emergencies. Stingray and our respected independent industry partners are calling on the government to implement these measures, which are critical to the sector's viability."
The letter has received full backing and support from prominent independent industry players such as Acadia Broadcasting Limited, Arsenal Media, Bayshore Broadcasting, Blackburn Media Inc., Byrnes Communications Inc., Central Ontario Broadcasting, Dougall Media, Durham Radio Inc., Evanov Communications, Golden West Broadcasting Ltd., Local Radio Labs Inc., MBS Radio, Pattison Media Ltd., Quinte Broadcasting Co. Ltd., Rawlco Radio, Starboard Communications Inc., Torres Media, Vista Radio, and Whiteoaks Communications Group.
These recommendations are presented with the firm belief that government support would significantly strengthen the independent radio sector, allowing it to maintain its pivotal role in promoting Canadian music, safeguarding the public in times of crisis, and upholding fundamental democratic values.
About Stingray
Stingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, over 100 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 20,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit www.stingray.com.
