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Netflix to spend $400m to make films, TV shows

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Ottawa: Netflix will spend Can$500 million (US$400 million) over the next five years to make original films and television shows in Canada, the company and Heritage Minister Melanie Joly announced. This amounts to about five per cent of the video streaming service’s estimated total US$7 billion production budget for 2018.


As part of a deal with Ottawa, Netflix will open its first production company outside of the United States in this country, while avoiding minimum Canadian content regulations and paying into a government arts fund. It agreed also to highlight Canadian-made content in both English and French on its global platform. “It is important for us to see and hear stories that reflect back to us who we are as we are learning about our place in the world,” Joly said in a speech. “I hope this (deal) will be a model followed by other countries in the world,” she later told reporters. — AFP


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