Steve Saretsky

You think of shows, I don't know, like Schitt's Creek that was a popular Canadian show, but became a global phenomenon once it was on Netflix and got promoted globally.

There's another one.

CRTC literally says that doesn't count either.

We don't care how much you spend promoting Canadian content globally.

None of that is a contribution for our purposes.

We just want you to basically show some of these partners the money.

Well, probably not, or at least that might be the temptation, but I don't think that's what they do.

And I don't think that's what they do because there are some other options.

And let's be clear, Canada is a good market for a company like Netflix.

So the idea that they're just going to say they're out doesn't make a ton of sense to them.

And the truth is, other countries do some of the similar kinds of things, though not quite as extreme and at the same rates as what the CRTC just proposed.

Well, many European countries do it.

Australia does it.

We don't have to go to China.

We can find lots of other countries that have domestic content rules, both in terms of contributions and the like.

Most countries, let's say in Europe, have it at a couple of percentage points.

So it's very rare to see this high a percentage.

France would be a notable exception.

It is also very rare to see a country take the position that you simply can't own the IP.

And that's, I think, a really important part issue.