Netflix commits $500mn to five years of Canadian productions
Netflix has announced it will be spending a minimum of half a billion dollars over the course of the next five years in funding new and original Canadian productions for the platform.
The company’s capital contribution is being announced by Mélanie Joly, the Canadian heritage minister, as part of her Canadian content and cultural industries strategy speech.
The financial commitment from Netflix is also politically sound. Back in June, Prime Minister Justin Trudeau rejected proposals for a tax on streaming services. He said: “We're not going to be raising taxes on the middle class through an internet broadband tax. That is not an idea we are taking on.”
However, now Trudeau can claim Netflix’s new commitment to Canada as a win, as the $500mn contribution will be a significant economic gain.
The pledge is also in line with Netflix’s strategy of producing more own-brand originals and exclusive content, with this being some of the most popular with its 100mn users.
In line with this approach, the video streaming company bought out Millarworld last month in the company’s first ever acquisition, with the aim of bringing the comic book franchise exclusively to its portfolio.