Don’t just say it. Do it. Don’t just talk about it… be about it! Netflix Inc. will shift up to $100 million to lenders that serve the Black community, making it the largest company yet to pledge dollars and cents to the many underfunded financial institutions around the United States.
It’s moves like this that actually give notice to our cause. Now does this change systemic racism? No! Does this bring back lives lost? No! Does this fill the void of the costs Black People have paid for this country? Of course not! But with moves like this Netflix is showing they are more in support of us than many other companies that have not stepped forward to do the same.
Netflix the online TV giant, for streaming should be now considered “Honorarily Black Owned” because it has started by shifting $25 million into the Black Economic Development Initiative, a new fund that will invest in Black-owned financial institutions serving low-income communities, and 10 million to Hope Credit Union.
News of Netflix’s commitment sent shares of Black-owned banks soaring Tuesday. Carver Bancorp Inc. jumped as much as 192% in premarket trading and Broadway Financial Corp. gained as much as 96%.
Taking down statues, removing Aunt Jemima, declaring the “N” words as the “N” word, yes these things help… but our true cause is our financial disenfranchisement of over 4 centuries!
Large U.S. companies have rushed to show support for African Americans following the death of George Floyd, one of several Black people killed by police in the past few months. Many businesses and rich individuals have pledged money to civil rights causes, including Netflix Chief Executive Officer Reed Hastings, who earmarked $120 million of his personal fortune to historically Black colleges and universities. But his company wanted to propose a solution that addresses more systemic causes of inequality.
So now that Netflix is “Black owned” I think we all know which channel we should now be watching. In the words of Joe Biden, “If ain’t watchin’ Netflix then you ain’t Black!”