Canada introduces new regulations on streaming media: Netflix and Spotify are forced to "tax" while increasing spending on local content.

According to the latest details of the "Online Streaming Media Law" recently released, the Canadian government is officially targeting global streaming media giants. The law will require streaming giants including Netflix (NFLX.US) and Spotify Technology (SPOT.US) to allocate 15% of their annual revenues in Canada for local content production. This move aligns with regulations that have been identified by the U.S. Trade Representative as a source of trade friction.