Ottawa on Tuesday proposed changes to Canada’s broadcasting regulatory framework that would see it applied to booming online streaming platforms and might require them to contribute cash to support Canadian storytelling.
If passed by parliament, the amendment to the Broadcasting Act would empower the Canadian Radio-television and Telecommunications Commission (CRTC) to apply the same rules as traditional broadcasters to platforms such as Netflix, Amazon Prime and Spotify.
It might also compel them to contribute to a fund that supports the creation, production and distribution of Canadian music, film and television, which the government estimates could raise as much as C$830 million (US$625.6 million) by 2023.
“One system for our traditional broadcasters and a separate system for online broadcasters doesn’t work,” Minister of Canadian Heritage Steven Guilbeault told a news conference.
“Our government believes that everyone who benefits from the system should contribute to it fairly,” he said.
However, critics said that the legislative changes do not go far enough.
“The new Broadcasting Act ... is a mess,” tweeted Canadian lawmaker Alexandre Boulerice, of the opposition New Democratic Party.
He accused the government of having “surrendered to Big Tech without a fight.”
The Broadcasting Act has not been updated since 1991 — prior to the advent of the Internet, and Canadian Prime Minister Justin Trudeau’s minority Liberal Party government has been under pressure by Canadian broadcasters to tax Netflix and others to level the playing field.
A government briefing document said that 62 percent of Canadian households now subscribe to Netflix, which last year generated C$1 billion in revenues in Canada.
At the same time, the revenues of traditional radio and television broadcasters are stagnating or declining, along with their contributions to the Canadian content fund.
Guilbeault said that some of the streaming platforms are already spending on Canadian music, television and film productions, but their contributions are only voluntary.
Netflix, for example, in 2017 announced that it would spend C$500 million or 5 percent of its global production budget to make original films and television shows in Canada.
The CRTC, is expected to sort out how the funding requirements would be applied to streaming services over the coming year, Guilbeault said.
User-generated content, online news and video games, would not be subjected to the new rules, the Canadian government said.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to