Netflix is to allocate 2%, or about $100m, of its cash holdings to financial institutions and organisations that directly support African-American communities in the United States.

The streaming giant said it will start with $35m, of which $25m will be moved to a new fund, the 'Black Economic Development Initiative; and $10m will go to Hope Credit Union, based in Jackson, Mississippi.

The move comes as US companies face increasing pressure from investors, consumers and workers to take action against widespread racial inequality after the death of African-American George Floyd in police custody in Minneapolis In May.

"This capital will fuel social mobility and prosperity in the low and moderate-income communities these groups serve," Netflix said.

Netflix is believed to have $5bn in cash on hand.