- With TV and film productions being halted globally, Netflix is setting up a relief fund for crew members and other people involved in productions who are now out of work.
- The streaming company announced on March 20 that it created a $100 million relief fund, most of which will go to people involved in its own productions.
- Netflix is also donating $15 million of the fund to organizations helping creative workers around the world during the coronavirus pandemic.
- The streaming company has suspended its scripted productions in the US and Canada for two weeks, and separately said it would pay those workers during the two-week shut down.
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Netflix, which on March 13 halted its scripted productions in the US and Canada for two weeks, is starting a relief effort to help production workers — such as crew members, electricians, and drivers — who are out of work due to the pandemic. (Netflix separately committed to paying the workers on its currently halted productions.)
The streaming company, which operates TV and film productions all over the world, set up a $100 million fund to aid production workers, it announced on March 20.
Netflix is one of the largest producers of TV and film content globally. The company is projected to spend $17 billion in cash on content this year.
Most of Netflix’s relief fund will go toward supporting the people involved in Netflix’s own projects, the company said. It’s still in the process of figuring out how to distribute that money.
Separately, the streaming company said it would continuing paying, for two weeks, the casts and crews on the productions that were suspended last week. The company said that money will not be drawn from the new fund.
Netflix also plans to set aside $15 million of the fund to donate to organizations helping TV and film workers during the pandemic, including the SAG-AFTRA Covid-19 Disaster Fund. The company is looking for organizations in places like the US, Europe, and Asia, where it films a lot of projects.
“Almost all television and film production has now ceased globally — leaving hundreds of thousands of crew and cast without jobs,” Ted Sarandos, Netflix’s chief content officer, said in a statement announcing the fund. “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.”
For more on how the coronavirus is affecting media, see our coverage on BI Prime:
- Analysts lay out the financial damage each of Disney’s businesses could face, as it closes parks and postpones films due to the coronavirus: Disney is one of the media companies most exposed the impact of the coronavirus because of its large theme park and theatrical businesses.
- Analysts say Disney and Discovery are the media giants most threatened by the coronavirus, but Comcast could fare better: Companies that generate significant shares of their revenue from theme parks, films, and advertising are most sensitive to the pandemic, and a potential economic downturn it could ignite.
- Why Netflix’s business could take a hit from the coronavirus, despite reports that ‘stay at home’ stocks could benefit: Much of Netflix’s revenue growth is international, including markets like Europe and Asia, which are especially vulnerable to the virus.
- Disney’s surprise CEO change makes sense because of the coronavirus’ growing impact on its business, according to a Wall Street analyst: The day-to-day pressures of the Disney CEO may mount if the coronavirus continues to spread outside of China, drawing former chief Bob Iger’s focus at a crucial creative moment.