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Netflix pays to make peace with Italy: huge amount out of pocket of streaming giant

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The Netflix giant has agreed to settle a tax dispute with Italy. Thus, he paid 55.8 million euros, according to the company and some legal sources.

According to the Economic Times, Milan prosecutors said in a statement that they had reached an agreement with a multinational video streaming company, on request, for a period between October 2015 and 2019, to which they asked to pay 55.8 million ($ 59.1 million). The streaming company appears to be Netflix, according to sources.

Netflix, good to pay

“We have maintained constant dialogue and cooperation with the Italian authorities and we continue to believe that we have acted in full compliance with Italian and international rules,” a Netflix spokesman said.

As a reference, prosecutors opened an investigation into a possible tax evasion three years ago. They claimed that Netflix should have paid taxes in Italy because it relied on digital infrastructure to deliver content to two million users across the country.

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In the past, prosecutors in Milan have investigated other US technology giants, such as Apple, Amazon and Facebook, for tax evasion.

Netflix, the most popular streaming platform, took just 12 years to generate an annual revenue of $ 25 billion from its subscribers, and now Netflix has nearly 214 million subscribers in 2022. The stream has lost about 200,000 of subscribers in the first months of 2022 – its first serious decline in almost a decade. A number of factors have led to a decline, including competition from rival platforms such as Disney + and Hulu, downtime in Russia, and widespread sharing of passwords.

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As a novelty, Netflix may bring something new to the platform: live streaming content. The platform is currently working on a live streaming option for stand-up artists and other live content.

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