Statscan reports this morning that Canada's sound recording and music publishing industries maintained their profitability in 2006, though at a declining rate. Revenues declined for the sound recording industry, yet the industry remained profitable at 9.5 percent (down from 13.1 percent in 2005). The report importantly notes that Canadian firms are doing better than the foreign major labels – slightly higher profitability and a near-doubling of operating revenue. Canadian firms' share of national revenue is now 36 percent, up from 19 percent in 2005.
Update: Statscan has posted a correction to its release, now stating that Canadian firms' share increased from 19 percent to 21 percent.