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In summary, 97% of Spanish investors believe the legal environment has the most negative impact on their investing activities with a significant majority of 93% concerned about investing in digital content intermediaries that are today confronted by ambiguity and uncertain outcomes, potentially large damages, and the risks of secondary liability if new anti-piracy regulations are introduced.

In summary, 83% of Italian investors believe the legal environment has the most negative impact on their investing activities with a significant majority of 83% concerned about investing in digital content intermediaries that are today confronted by ambiguity and uncertain outcomes, potentially large damages, and the risks of secondary liability if new anti-piracy regulations are introduced.

According to the chart, 80% of German investors believe the legal environment has the most negative impact on their investing activities with a significant majority of 90% concerned about investing in digital content intermediaries that are today confronted by ambiguity and uncertain outcomes, potentially large damages, and the risks of secondary liability if new anti-piracy regulations are introduced.

According to the chart, 90% of French investors believe the legal environment has the most negative impact on their investing activities with a significant majority of 87% concerned about investing in digital content intermediaries that are today confronted by ambiguity and uncertain outcomes, potentially large damages, and the risks of secondary liability if new anti-piracy regulations are introduced.

The chart shows that a high majority of respondents in every surveyed country consider that an ambiguous regulatory framework makes them uncomfortable investing in digital content intermediaries that offer user-uploaded music or video.

In the survey, investors were asked which of four factors had the most negative impact on their investing behavior: the legal environment, the economy, the competitive environment, or the expected return on their investment. The results show that in all eight countries, investors view the legal environment as having the most negative impact, with an average of 89% of investors surveyed saying it had a modest or strongly negative impact, 93% of United States investors feeling this way, and an average of 89% of the European Union investors concurring. European Union refers to EU28. The United Kingdom left the European Union on 31 January 2020.

This chart provides information on the share of the Internet economy within the gross domestic product for some selected countries. The data shows that Internet has created a tremendous amount of value for the economy globally, substantially impacting GDP in the selected countries.

This chart shows a funding gap in the European Union compared to the United States. The data refers to a 15-year time horizon, considering companies formed after 01 January 2000 up until the end of 2014. The results suggest that a US-based company, under the framework set forth by the Communications Decency Act, Section 230, is five times more likely to secure investment over $10 million and nearly 10 times more likely to receive investments over $100 million, as compared to internet companies in the European Union, under the more limited E-Commerce Directive. Therefore, the internet platform companies built under the Communications Decency Act, Section 230 regime are much more likely to receive the significant investment necessary to grow and succeed.

Germany’s startup ecosystem could moderately benefit from increased liability protection in particular to increase its startup success rate. The model used by Oxera estimates that it could increase by 1.6%, translating into an increase of around 9% on its current success rate.

The chart presents an estimated impact on expected profit for successful startups in four selected countries – Chile, Germany, India and Thailand. The analysis suggests that a regime with clearly defined requirements for compliance and low associated compliance costs could increase the startups’ expected profit for intermediaries in the focus countries between 1% (Chile) and 5% (India).