The video game industry reacts to budget’s impact on multimedia tax credits

Montreal – March 12, 2024 – The video game industry is concerned today by the government’s decision to tighten the CTMM’s criteria. After decades of effort to build a globally recognized industry, it’s important to protect our collective investment. Indeed, today, Quebec has become one of the world’s video game hubs, thanks to the stability of its business environment. It’s a thriving industry, contributing $1.31 billion to Quebec’s GDP, and allowing Quebec know-how to shine around the world. The CTMM is profitable and contributes directly to the vitality of our industry, not to mention its impact on related fields.

Today, we are taking note of the Quebec government’s announcements and we are asking for a meeting with the industry to raise awareness of the impact of this decision. To preserve the industry’s competitiveness and jobs, it is essential that this decision be reassessed quickly.
In Quebec, more than 300 video game studios benefit from a solid ecosystem and a predictable tax environment. These studios, 86% of which are Quebec-owned, are recognized worldwide for their know-how and creativity, and have demonstrated this by winning numerous awards at world forums.

By maintaining these changes, the big winner would not be Quebec or local companies, but rather neighboring provinces, or even jurisdictions such as Australia and European countries that are currently mobilizing to attract studios in order to develop their local ecosystems.

Ultimately, these program changes will weaken an industry that is valiantly resisting the ups and downs of the current economic climate.

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Informations

Émilien Roscanu
Senior director, communications and operations
514-252-5007 poste 102