Tuesday, October 10, 2017

Netflix Investing $500 Million

While the Canadian government demands Netflix Inc. offer more details about the streaming company's plans to spend $500 million on making 'Canadian Content', Netflix confirmed they will spend money on movies/TV shows produced in Canada, both in English and in French, over the next five years, as well as set up the company's first permanent production presence outside of the US:

"We have invested in Canada because Canadians make great global stories," Netflix said. "That says more about the quality and strength of Canadian content, talent and crew than a commitment of any dollar amount."

The company will also spend an additional $25 million on " development activities to host pitch days, recruitment events and support local cultural events...

" ensure Netflix Canada reaches vibrant Canadian production communities, including the French-language community in Quebec."

"We have not made any deals about taxes. Our investment was approved under the 'Investment Canada Act'. No tax deals were part of the approval to launch our new Canadian presence."

"Netflix follows tax laws everywhere we operate. Under Canadian law, foreign online services like Netflix aren't required to collect and remit sales tax.

"Internet-native, on-demand services like Netflix are consumer-driven and operate on the open internet.

"We don't use public property like broadcast spectrum or rights of way, and we don't receive the regulatory protections and benefits that broadcasters get and, by the way, we're not asking for them."

"The recent price increase has nothing to do with our investment or commitments. That price increase was planned a long time ago."

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