Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Swiss voters approve 'Lex Netflix' TV streaming funding law

Global May 15, 2022 18:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A poster reading: "No to the film law - anti-consumer, unfair, patronising" is seen on a field, before the Swiss electorate votes on several issues in a referendum next weekend, near Birmensdorf, Switzerland May 9, 2022. Picture taken May 9, 2

By John Revill

ZURICH (Reuters) -Swiss voters on Sunday backed proposals to make global TV streaming services such as Netflix Inc (NASDAQ:NFLX), Amazon (NASDAQ:AMZN) and Disney invest some of their revenues generated in Switzerland into domestic film-making.

Just over 58% of voters backed the proposal, according to the final result, in one of three national votes held under the Swiss system of direct democracy.

Switzerland will become the latest European country to introduce such measures to support local TV and film production and boost locally-produced content.

"This result underlines the cultural importance of film-making in Switzerland," Swiss Interior Minister Alain Berset told a press conference on Sunday.

In the binding referendum on what is being called "Lex Netflix", international streaming services must invest 4% of the revenue they make in Switzerland in local film production.

The investments can take the form of buying locally-made shows, making programmes themselves or go into an investment fund.

Netflix said it respected the result and would work with the government implementing the regulation.

"We believe that good stories can come from anywhere, and we have already invested in content from Switzerland in the past," a Netflix spokesperson said.

Amazon declined to comment and Disney did not respond to a request for comment.

A similar law has been passed in Portugal where streaming service providers have to pay 1% on their income to the Institute of Cinema and Audiovisuals.

Denmark is considering a levy and Spain is due to introduce one. France and Italy make streaming services invest a proportion of their revenues in European content in local languages.

In a separate referendum, 72% approved increasing funding for Europe's Frontex border security agency.

A rejection could have forced Switzerland out of the 26-member Schengen passport-free travel zone and the Dublin system of coordinating asylum applications.

In the third vote, people now need to opt out of transplants rather than opt in after 60% of voters supported the plan.

Swiss voters approve 'Lex Netflix' TV streaming funding law
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email