MAX (formerly MUSIMAX)

Individual Discretionary and On-Demand Services - Statistical and Financial Summaries 2012-2016

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205417399 MAX (formerly MUSIMAX) MusiquePlus inc. Remstar Diffusion inc.                                      Specialty (category A service) 2016
Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 5,155,194 5,304,379 2.89 5,060,138 -4.60 5,913,618 16.87 5,107,490 -13.63 -0.2
DTH subscriber revenue 1,816,410 2,056,686 13.23 1,424,966 -30.72 1,433,827 0.62 1,631,431 13.78 -2.7
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 2,527,697 2,261,393 -10.54 2,109,059 -6.74 1,494,329 -29.15 1,113,402 -25.49 -18.5
Other revenue 0 0 n/a 0 n/a 1,351,308 n/a 2,977,615 120.35 n/a
Total Revenue 9,499,301 9,622,458 1.30 8,594,163 -10.69 10,193,082 18.60 10,829,938 6.25 3.3
Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 7,116,932 6,980,913 -1.91 6,813,604 -2.40 6,735,513 -1.15 5,057,827 -24.91 -8.2
Technical 514,044 537,678 4.60 534,997 -0.50 2,598,706 385.74 2,735,058 5.25 51.9
Sales and Promotion 356,539 303,905 -14.76 347,087 14.21 2,024,376 483.25 2,036,787 0.61 54.6
Administration and General 1,455,105 1,532,019 5.29 1,207,061 -21.21 1,833,585 51.90 1,813,380 -1.10 5.7
Total Expenses 9,442,620 9,354,515 -0.93 8,902,749 -4.83 13,192,180 48.18 11,643,052 -11.74 5.4
Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 56,681 267,943 - -308,586 - -2,999,098 - -813,114 - -
Depreciation 178,567 164,588 -7.83 159,700 -2.97 268,162 67.92 766,261 185.75 43.9
P.B.I.T. -121,886 103,355 - -468,286 - -3,267,260 - -1,579,375 - -
Interest Expense 0 0 n/a 0 n/a -62,710 n/a 4,881 -107.78 -
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 750,000 n/a 329,307 -56.09 -
Pre-tax Profit -121,886 103,355 - -468,286 - -2,454,550 - -1,254,949 - -
Canadian Programming Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Acquisition of rights 2,287,723 2,697,123 17.90 2,112,968 -21.66 5,024,354 137.79 3,216,468 -35.98 8.9
Script & concept 484,476 474,960 -1.96 481,128 1.30 0 -100.00 0 n/a -100.0
Filler Programming + Program Production 2,986,137 2,619,123 -12.29 2,820,123 7.67 0 -100.00 0 n/a -100.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 5,758,336 5,791,206 0.57 5,414,219 -6.51 5,024,354 -7.20 3,216,468 -35.98 -13.6
Canadian Programming/Revenue (%) 60.62 60.18 - 63.00 - 49.29 - 29.70 - -
Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 4,845,530 4,652,892 -3.98 4,307,696 -7.42 4,596,595 6.71 3,280,082 -28.64 -9.3
Total Staff Count 60 56 -6.67 55 -1.79 60.5 10.00 41.77 -30.96 -
Average Remuneration ($) 80,759 83,087 2.88 78,322 -5.74 75,977 -2.99 78,527 3.36 -0.7
Subscribers
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
1,949,084 1,826,706 -6.28 2,114,360 15.75 1,950,429 -7.75 1,846,925 -5.31 -1.3
Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 0.6 2.8 - -3.6 - -29.4 - -7.5 - -
P.B.I.T. Margin -1.3 1.1 - -5.4 - -32.1 - -14.6 - -
Pre-tax Margin -1.3 1.1 - -5.4 - -24.1 - -11.6 - -

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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