Online streaming giants will now have to pay into a fund that will support the creation of local news and Canadian content.
CANADA - The Canadian Radio-television and Telecommunications Commission (CRTC) is ordering streaming giants to pay up.
Netflix, Spotify, and other foreign streaming services will now have to pay five percent of their annual Canadian profits into a special fund.
This will help support the production of local news in the television and radio formats. It's also going to help create Canadian content with Indigenous, French-language, and other diverse ties.
According to the CRTC, this new fund should generate about $200 million each year for Canadian broadcasting, and it will help level the playing field between tech giants and traditional broadcasters.
Only the streaming companies that are not affiliated with a Canadian broadcaster, yet make at least $25 million from Canadian broadcasting will have to pay into the fund.
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