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Investors initially cheered Netflix, Inc. (NASDAQ: NFLX)'s announcement that it plans on expanding its streaming video service to more than 130 countries worldwide.
However, Tech In Asia is reporting that Indonesia's technology minister "threw down the gauntlet" and demanded Netflix comply itself with local regulations on film and broadcasting.
Tech In Asia noted that Netflix has been given one month to comply with the local regulations, which includes the need to open an office in Jakarta, hire local employees and subject itself to tax regulations.
Indonesia's government is not likely to ban Netflix in the country, the report added, but the government hopes Netflix will work with local internet service providers and government agencies to obtain the necessary local content provider licences.
Shares of Netflix were trading lower by 0.61 percent at $107.08 late Thursday morning.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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