Investment

Mandatory CanCon contribution could prompt investment cuts, Spotify tells CRTC

Published

11 months ago

November 29, 2023

Photo: The Canadian Press

Audio streaming platform Spotify says that requiring it to make a contribution aimed at supporting the Canadian broadcasting sector could force the company to cut its existing investments in order to maintain its financial viability. A trading post sports the Spotify logo on the floor of the New York Stock Exchange, Tuesday, April 3, 2018.THE CANADIAN PRESS/AP-Richard Drew

Audio streaming platform Spotify says that requiring it to make a contribution aimed at supporting Canadian content could force the company to cut its existing investments in order to maintain its financial viability.

The company says Canada is the only country looking into requiring streamers to make such payments and it hopes other jurisdictions don’t follow that lead.

Spotify presented at a hearing Wednesday afternoon amid the CRTC’s public consultations in response to the Online Streaming Act, which is meant to update federal legislation to require digital platforms to contribute to and promote Canadian and Indigenous content.

The commission is exploring whether streaming services should be asked to make an initial contribution to the Canadian content system and whether this would help level the playing field for local companies, which are already required to support Canadian content.

Nathan Wiszniak, head of artist and label partnerships for Spotify Canada, says imposing initial base contributions on platforms is premature and risks “overlooking the many ways that Spotify already contributes to and supports Canadian and Indigenous artists.”

Since launching in Canada in 2014, Spotify says it has supported the Canadian music industry by directing around 70 per cent of its music revenue toward royalties paid to rights holders, who then pay artists and songwriters.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

7 days ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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