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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Canada requires online streaming firms to hand over 5% of their domestic income.

image credit: About Netflix image credit: About Netflix
image credit: About Netflix image credit: About Netflix

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Major online streaming services in Canada will be compelled to donate 5% of their Canadian earnings to support the domestic television system, the country’s telecoms regulator announced on Tuesday.
The Canadian Radio-television and Telecommunications Commission stated that the money would be used to increase financing for local and aboriginal programming. They estimated that the proposal would raise about C$200 million ($146 million) per year.

“Today’s decision will help ensure that online streaming services make meaningful contributions to Canadian and Indigenous content,” CRTC CEO Vicky Eatrides stated.
The policy was implemented as part of a law passed last year that aims to ensure that companies like Netflix and Alphabet Inc.-owned YouTube contribute more to Canadian culture.
According to the government, the legislation will require online streaming services to promote Canadian music and stories while also supporting Canadian jobs.

The CRTC stated that the cash would be allocated to areas of immediate need in the broadcasting system, such as local news on radio and television, French-language material, and Indigenous content.
The verdict is final and will go into effect in September. It will only apply to services that are not currently affiliated with Canadian broadcasters.


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