Netflix Launches $100M Fund To Aid Film & TV Industry
Among many industries affected by the novel coronavirus, the entertainment world was hugely hit; spawning an immediate shut down of productions across the industry — including those at Netflix.
On Friday (Mar 20), the streaming platform’s Chief Content Officer, Ted Sarandos, announced that the company’s rolling out a $100 million fund to aid workers throughout the film and television industry as we navigate through this pandemic. He explained that of the $100 million, the majority will help those in-house, and $15 million will be sent to third parties and non-profits.
RELATED: TikTok & Arnold Schwarzenegger Donating $3M To Feed Students Impacted By Coronavirus
He stated, “The Covid-19 crisis is devastating for many industries, including the creative community. Almost all television and film production has now ceased globally — leaving hundreds of thousands of crew and cast without jobs. These include electricians, carpenters and drivers, many of whom are paid hourly wages and work on a project-to-project basis. This community has supported Netflix through the good times, and we want to help them through these hard times, especially while governments are still figuring out what economic support they will provide.”
It’s being reported that the majority of the $100 million fund will aid the hardest hit crew members of their own productions, globally, and $15 million will be committed “to third parties and non-profits providing emergency relief to out-of-work crew and cast in the countries where we have a large production base.”
RELATED: Kodak Black Donates Books For Children Affected By The Coronavirus
In addition, the streaming giant will also commit $1 million to pre-existing emergency funds, like those via the SAG-AFTRA COVID-19 Disaster Fund, the Motion Picture and Television Fund, and the Actors Fund Emergency Assistance.
Another $1 million will be donated across the pond to to the AFC and the Fondation des Artistes.
Sarandos adds, “In other regions, including Europe, Latin America and Asia where we have a big production presence, we are working with existing industry organizations to create similar creative community emergency relief efforts. We will announce the details of donations to groups in other countries next week. What’s happening is unprecedented. We are only as strong as the people we work with and Netflix is fortunate to be able to help those hardest hit in our industry through this challenging time.”