Netflix has fulfilled a promise it made in June 2020 and will donate about 2% of its cash proceeds $100 million (BRL 565 million) to banks and financial institutions focused on the black population. Despite the good work, the streaming giant will be using the story to create its next reality show.
The initiative predicts that better capitalized institutions will result in more credit for homes, small businesses and opportunities for black communities. The program was introduced last year in a wave of corporate social justice commitments following the assassination of George Floyd (1973-2020) and the Black Lives Matter movement.
Depending on the streaming platform, the 2% investment can vary from year to year as Netflix’s revenue goes up or down. This means that the total amount will change over time.
“We will increase our commitment later in the year and move more money – in addition to the $100 million we have already committed – to these institutions,” said Aaron Mitchell, director of human resources at Netflix Animation Studios and Shannon. Alwyn, Treasurer, Netflix, on a release,
Good action will turn into a chain, Banking on Us, that will benefit some institutions from the platform. The attraction will tell the story of families helped during the COVID-19 pandemic by Hope Credit Union, a community development finance institution serving underserved communities in various regions of the United States.
This episode of Investing in the Black Community, in free translation, will be available this Wednesday (first) on Netflix’s North American channel YouTube. The premieres of the second and third chapters are scheduled for December 8 and 15, respectively.
“To help bridge the social and financial divide, we need more businesses to join this movement. Together, we can contribute to the healing and progress of black communities,” concluded Mitchell.