Steve Saretsky

And they're actually extending this beyond just streamers.

They're including devices like smart TVs and set top boxes, all of which will have to promote Canadian content within what your smart TV looks like.

And they're talking about not just promoting Canadian content, but they want metrics on how much Canadian content is being watched.

And presumably, once you start getting into those numbers, the regulator says, well, if not enough is being watched, then maybe more needs to be done so that more Canadians watch what we want them to watch.

And that, I think, for many is a pretty concerning potential outcome.

We, of course, don't count.

Yeah.

So I think, let me back up with just two other points to say that companies like Netflix and Apple are already spending hundreds of millions of dollars in Canada producing various film and TV productions.

The problem here is the CRTC says none of that counts.

And the reason that none of that counts is that, say, a company wants to produce a show, and it might be a show that is Canadian in just about every way.

Canadian story, Canadian actors, a Canadian crew filmed in Canada.

The Netflix position is going to be, okay, we're going to fund that.

We're going to fund it at a world-class level, and we want to then distribute it globally, and we want to own it.

And the CRTC says, well, that doesn't count because you can't own this stuff.

So you can invest or you're now going to be required to invest.

You have to find Canadian partners to invest with to say they come forward and say, hey, we want to do a production.

You got to put money in, but you can't actually own the product that comes out.

Canadians have to own the intellectual property that comes out of that.

And not only that, but those same companies already spent big money promoting Canadian content globally, right?

Right.