Disney+, Netflix, Spotify Face Damages From Italian Piracy Ring

MT Newswires Live05-22 17:30

Walt Disney's (DIS) Disney+, Netflix (NFLX), Spotify (SPOT), Sky, and DAZN have faced an estimated 300 million euros ($348.2 million) in damages from a streaming piracy network uncovered in Italy, the country's financial police said Friday.

The investigation found that the illicit distribution of content involved an application called CINEMAGOAL, which connects to a foreign server to decrypt content, according to a Google translation of the Guardia di Finanza statement.

The individuals involved in distribution collected an annual subscription fee of between 40 and 130 euros from subscribers, with payments made largely with untraceable instruments, they said.

The police said that it will issue fines to the first 1,000 subscribers it identifies between 154 euros and 5,000 euros.

It added that criminal proceedings regarding the matter were still at a preliminary phase and noted that liabilities will be determined only following a final conviction.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment