Interactive Ontario submitted its Fall 2020 Budget Consultations pre-budget recommendations to the Government of Ontario on October 15, 2020. We reiterated some of the recommendations that were developed under the auspice of Minister MacLeod’s Ministerial IDM Council and were presented to the Standing Committee on Finance and Economic Affairs (SCFEA).
The Ontario IDM industry has an unprecedented opportunity to play a significant role in the economic recovery of the Province. We can accelerate growth and job creation by capitalizing on the global increase in consumer demand for IDM products.
Recent studies show that the global market for video games – a useful proxy for the more comprehensive and fast-evolving IDM industry – is estimated to reach US$159.3Bn by the end of 2020, and will grow to US$200.8Bn by the end of 2023. Global consumer demand for game content is estimated to grow by a compound annual growth rate (CAGR) of 7.7% between 2018 and 2023 .
Jurisdictions like Quebec have shown that effective and reliable tax credits lead to remarkable job creation and economic impact. Ontario has what it takes to create many more jobs in its IDM sector and hence contribute to the economic recovery of the Province. But we must adapt the OIDMTC to the evolving needs of the industry and its competitive landscape.
IO is currently circulating its pre-budget recommendations to key stakeholders and is encouraging its members to do so as well.
Thank you to all of you who contributed insights, ideas, intel and time over the last months via the IDM Council, SCFEA delegations, town halls, Slack discussions and more. And a special shout-out to Mary Sorrenti, Chair of IO Advocacy committee!