Netflix Announces $100 Million Relief Fund For Coronavirus Victims
Due to the economic impact of the coronavirus pandemic, many American workers have been laid off - a tragedy that the streaming juggernauts, Netflix, has decided to take into their own hands.
Fox News recently reported that the company would create a $100 million relief fund for employees left behind amid the COVID-19 spread. Much of the fund will go to other countries as well. In a statement on Friday, the chief content officer, Ted Sarandos, revealed that the streaming service would set-up the organization meant to help out those who need it.
Ted Sarandos, the chief content officer for the streaming service, confirmed the news in a statement on Friday that they would be setting up the relief fund for all of those affected by the temporary shut-down seen across several American states, in addition to other afflicted countries.
Ted said in the statement that it was crucial for them to come up with the fund during hard times because they have supported the company "through the good times." It's time for Netflix to return the favor and provide for those who are in need.
Additionally, Sarandos touched on the government's current plan to provide economic relief, which hasn't been quite solidified in Congress yet.
The news media has reported several times in the last few weeks that around 120,000 entertainment industry employees have been laid off since the pandemic first began spreading in the United States. It was reported earlier this week that many of the major networks have laid-off workers for the time being.
Deadline also reported that around 80% of the International Alliance of Theatrical Stage Employees had their jobs temporarily put on hold. The organization's General Executive Board drummed up around $2.5 million to help with the relief fund, but as most analysts have pointed out, 2-and- a-half million simply isn't enough to provide workers' compensation.
Variety reported this week that around $15 million of the fund from Netflix will go to out-of-work crew members and cast, especially in countries with large production sets.
Additionally, the publication claimed the relief would send around $1 million each to the Motion Picture and Television Fund, the Actors Fund Emergency Assistance, the SAG-AFTRA COVID-19 Disaster Fund, and the AFC and Fondation Des Artists.
Netflix plans on unveiling additional support for other areas such as Latin America, Europe, and Asia.