Canada bill requires streaming services pay 5% of country sales

The Canadian Radio-television and Telecommunications Commission said the Online Streaming Act, which amended the Broadcasting Act, requires the agency to “modernize the Canadian broadcasting framework and ensure that online streaming services make meaningful contributions to Canadian and Indigenous content.” The CRTC is requiring online streaming services to contribute 5% of their Canadian revenues to support the Canadian broadcasting system. These obligations will start in the 2024-2025 broadcast year and will provide an estimated C$200M per year in new funding. Netflix (NFLX) and Disney (DIS) are expected to be captured under the new rules, according to Bloomberg.