The estimates for 2016 showed $5.5 billion of digital advertising revenue in Canada. That was up from $4.5 billion in 2014. Of that, we would not be placing this 10% levy on those who pay taxes in Canada or those who invest more than 5% of their revenues into journalistic operations in Canada. I think we can probably safely say that something in the area of $3 billion to $4 billion of that $5.5 billion would be subject to this levy of 10%.
As I think perhaps the committee heard from other evidence presented here, in one of the quarters in 2016, according to a survey done by comScore, of 4.7 billion ad impressions served up in Canada, 82.4% were served up by Facebook and Google. Canadian publishers and broadcasters combined served up 11.5% of the ads in Canada.
In terms of the vast majority of that revenue, some revenue may shift, and we allow that some revenue may shift, but we don't expect a lot would shift, because this is not 1976. This is not moving from advertising on M*A*S*H on CBS out of a Buffalo or a Plattsburgh station to advertising on M*A*S*H on Global TV. It does not have the same simplicity of substitutability that we had back then. We expect that less would shift, and therefore more would be subject to levy. We estimate that $3 billion to $4 billion of revenue would be subject to levy.
If you stayed with the system as it works now, which some people have suggested, to just take away the deductibility, the deductibility effects are 26% on average across the country. We're suggesting 10%; 26% seems to us perhaps confiscatory, in some ways.
Perhaps my colleagues here would—