Investment of $49 million in Ross Video to develop cloud-based products for event production will support nearly 2,000 jobs
The information and communications technology (ICT) sector is a key industry in Canada and an emerging area of growth. In 2021, the ICT's GDP contribution was $104.5 billion, accounting for 5.3% of national GDP. That is why the Government of Canada is investing in Canada's most innovative ICT firms and industries to help them become global leaders that create highly skilled and well-paying jobs.
Today, the Honourable Mona Fortier, President of the Treasury Board and Member of Parliament for Ottawa-Vanier, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $49 million in Ross Video Limited. This investment will support Ross Video's $236 million project to create a hybrid cloud event-production platform and suite of tools to transform live-event production. This project will develop more flexible and cost-effective solutions that will improve the ability to create high-quality live media that can be used in news, sports, concerts, cultural events, conferences, and government or corporate events. This investment is being made through the Strategic Innovation Fund (SIF) and is part of the Government of Canada's strategy to support intellectual property (IP) rich companies. The Government of Canada is committed to making sure Canadians can benefit from their innovations, so it continues to provide funding to Canadian IP-rich firms.
Ross Video's project will expand Canada's expertise in live-event production, manufacturing, hardware and IP in the media and entertainment industry. Ross Video already has the largest combined live production equipment offering in the world, with virtualized software and hardware-based products.
Ross Video will continue to manufacture its equipment in house, expand Canadian employment and establish itself as a leader in exporting products and services worldwide to the media and entertainment sector. This investment will support over 1,900 full-time jobs and 1,700 student co-op terms across Canada. In addition, the company will work with Indigenous communities to provide training, offer employment opportunities and support communities in gaining access to technology to undertake their own live-event productions and broadcasts to community members.
