Toronto Star publisher urges more investment in trusted media
Tells Canadians to embrace Ethical Media Supply Chain
TORONTO, March 30, 2023 /CNW/ - Imagine a world without trusted journalism!
That's the message that Jordan Bitove, publisher of the Toronto Star and owner of Torstar Corporation, delivered today in a speech in which he urged advertisers and the federal governments to embrace an Ethical Media Supply Chain, which supports Canadian-owned and operated and trusted news outlets.
"An Ethical Media Supply Chain prioritizes keeping money in Canada, it prioritizes media integrity, keeping every dollar in Canada to counter the rise of disinformation and to support and strengthen local journalism," Bitove said in a speech to the Canadian Club Toronto.
While the pandemic emphasized the need for reliable, quality news and opinion, the last few years have difficult for journalism in Canada, Bitove said.
Across Canada, more than 3,000 editorial and non-editorial news jobs have been lost since 2020. In just the last two years some 53 media outlets have closed. What this means is that Canadians are experiencing significant gaps in local information and accountability.
That's why it is important for advertisers of all sizes, including the federal government, to increase their support for trusted news organizations throughout the country, Bitove said. These news outlets play a vital role in defending democracy and informing communities across the country, he added.
Critically, more than 80 per cent of the current advertising spend in Canada is going to tech giants ? money that's leaving the country, he noted.
Bitove provided examples of how declining advertising impacts the Toronto Star and other Torstar new outlets.
First, one of Canada's leading institutions spent $50 million in advertising in 2022. The Star's share? Just $6,800 ? or 0.013%. The client isn't alone. There are dozens of big companies and hundreds of smaller businesses that just don't invest in Canadian media, Bitove said.
Second, the federal government spent $140 million in advertising in 2022. Torstar's share? Less than $400,000 ? or 0.27%.
"This has made it increasingly difficult for us to produce the reliable, quality news and opinion that is so critical in defending democracy and informing our communities," Bitove stressed.
For advertisers, Bitove said organizations should ask themselves what percentage of their media spend goes to supporting Canadian-owned and operated media. "If it's 20 per cent, it's not enough," he said.
For governments, Bitove said he appreciates new federal legislation aimed at providing limited help, but added that "it's not enough to actually grow the media industry in Canada."
"You can absolutely play a part in this with us," he said. "Promote and invest in the ethical media supply chain, subscribe to local news and talk to everyone you know about what's at risk."
Such action is needed because the issue "goes to the heart of saving our industry and our democracy," Bitove said.
Torstar is a holding company involved primarily in news and media businesses. The Torstar group includes the Toronto Star and numerous other city and community news organizations. Other investments include Canadian Press and Metroland Parcel Services.
Jordan Bitove is available for interviews.
SOURCE Torstar Corporation
News published on and distributed by:
