Canada to Invest in Programming at Home, Reaches Content Deal with Netflix

Canada reached a deal with Netflix that will see the streaming giant invest 500 million Canadian dollars (roughly $400 million) to produce programming in the country.
By Giovanni Bruno ,

Canada on Thursday detailed its concept for its cultural and entertainment industries, pledging to allocate additional funding to foster Canadian content in the country and abroad, Reuters reports.

Canada also reached a deal with Netflix (NFLX) - Get Report that will see the streaming giant invest 500 million Canadian dollars (roughly $400 million) to produce programming in the country.

The announcement is in conjunction with Canadian Heritage Minister Melanie Joly's efforts to modernize funding for programs and review copyright, broadcasting and telecommunications laws.

The move also comes as Canadian content producers are struggling to compete with streaming giants including Netflix and Alphabet's (GOOGL) - Get Report YouTube.

"If we get this right, we will be a leader in the world," Joly said.

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