Antoine Monin, the manager of Spotify in France, has announced that the company will no longer support two major music festivals in France, namely Francofolies de La Rochelle and Printemps de Bourges, starting from 2024, to protest against the new tax law.
Last week, Emmanuel Macron, the President of France, declared that France will begin imposing additional taxes on music streaming service providers, based on their revenue generated solely in the country, at a low rate of 1.2%, with exceptions for platforms earning less than 20 million euros. This money will be used to support artists in France.
Spotify, which is the most widely used music streaming platform in France, disagrees with this approach from the beginning, stating that direct financial support for events is more beneficial. The company will make further announcements regarding this law next year.
TLDR: Spotify will stop supporting major music festivals in France to protest against the new tax law imposed on music streaming service providers. The company disagrees with the approach and believes direct financial support for events is more beneficial.
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