Netflix sets up $100M coronavirus relief fund to help unemployed TV and film workers
The coronavirus pandemic has left the entire world in a state of panic. With the number of affected people rising every day, the cure for the pandemic seems distant. The government has even advised people to maintain social distance while many states have ordered people to stay home amid the medical crisis.
As a result of the pandemic, many have incurred great losses, including the entertainment industry. Ever since the scare started taking over people's lives, various networks have ordered to put production of shows and movies on hold. Netflix happened to be one of them. The streaming giant had many shows and movies in production but decided to put a pause on it when the pandemic posed a threat to people's lives.
This resulted in many people losing their jobs. However, Netflix has now come forward and set up a $100M coronavirus relief fund to aid unemployed workers. Ted Sarandos, chief content officer for the streaming service, confirmed this news. "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," he said in the statement.
He continued, "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."
This news comes after it was reported that around 120,000 entertainment industry workers had lost their jobs due to the virus outbreak. The International Alliance of Theatrical Stage Employees (IATSE) estimated that the pandemic had cost jobs of 80 percent of its 150,000 members.
Since then, the General Executive Board of the organization has approved a $2.5M donation package to three entertainment charities. Despite the donation being such a large sum, many believe that it may not be enough to help the people who have become unemployed due to coronavirus.
Meanwhile, Netflix plans on donating $15M of its funds to third parties and non-profits that offer emergency relief to people who have been out of jobs in countries that have large production in the entertainment industry.