#Coronanomics: Global Creative Industry Receives $100m Funding From Netflix


Friday, March 29, 2020 / 03.30PM / Nifemi Taiyese for WebTV / Header Image Credit: Innovation Village


The coronavirus pandemic has adversely affected the global economy and critical sectors like banking, financial services, aviation, tourism, manufacturing, healthcare, insurance, technology, sports and the creative industry.


Considering the value of the Creative Industry to the global economy and the economic opportunities it creates, Netflix has taken a major step by creating a $100m relief fund for the creative sector.


According to the company's Chief Content Officer, Ted Sarandos, "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, drivers, hair and makeup artists and more, many of whom are paid hourly wages and work on a project-to-project basis."


The Relief fund according to him would support the hardest hit workers on Netflix's own productions around the world.


Out of the $100m about $15m will go to third parties and non-profit agencies in the industry.


Netflix a media and entertainment streaming company has its services spanned across 180 countries across the globe.


With over 150m subscribers Netflix is a major player in the global creative industry and has 71% of the "Special Video On Demand Market".


This is one of the largest relief funds established for the global creative industry since the outbreak of COVID-19.


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