While some companies, like Netflix, are already nearing that quota, they'll be required to maintain it going forward. Last month, Roberto Viola, head of the European Commission's communications networks, content and technology division, told Variety that the European Union would publish information on how streaming platforms currently stand in regards to their European content. The figures are expected this month.

Netflix has put a focus on European programming, launching a production hub in Spain and committing $1 billion towards original European productions this year. Meanwhile, Amazon has stepped up its European efforts as well.

The new regulations still need to be approved by the Council of EU ministers. Afterwards, EU member states will have 21 months to incorporate the rules into their own legislation.