The project, from the Royal Foundation's Taskforce on the Prevention of Cyberbullying, will see organisations including broadband companies, Apple, Facebook, Google, Snapchat and Twitter work with the NSPCC and Diana Award to announce a code of conduct for the internet urging young people to "stop, speak, support".
Facebook and Snapchat are set to bring in ways to directly help young people bullied online, following an intervention by Prince William.
It asks them to stop and consider what the situation is before joining in negative activity online, speak to an adult, a charity or report any abuse if they are concerned, and offer support to the individual being targeted.
The moving video was released on Wednesday as the Duke of Cambridge prepares to unveil an action plan to prevent cyberbullying, after putting together a taskforce to look at the issue.
The film shows William meeting Lucy Alexander, whose son Felix killed himself after online abuse, and cyberbullying victim Chloe Hine, who attempted to take her own life at the age of 13 following internet bullying.
Hine opened up about her own experience with bullying, too.
"I think it is worth reminding everyone what the human tragedy of what we are talking about here isn't just about companies and about online stuff - it's actually real lives that get affected", he added.
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The rest of the $215 million in lost revenue would be filled by using several sources of one-time money, including savings accounts.
'And the consequences, that's the big thing, the consequences of what happens if things aren't kept in check in terms of what we say and what we do, and we are still responsible for our actions online.
"It just ate away at him inside, I think but I just had no idea at the depths of his despair", Lucy told the Prince.
"We are still responsible for our own actions online - this anonymity, as you were saying, is really, really risky".
The Duke told her: "It is one thing when it happens in the playground and it's visible there and parents and teachers and other children can see it. It goes straight to your room". Writing a suicide note helped her get through it, and she later turned to songwriting to deal with those feelings.
In the video, which ends with William giving both women a compassionate hug, Lucy Alexander says, "I sort of feel that Felix has given me a job to do - and my job is to make sure that we try and help as many other people like him".
The Taskforce is chaired by the entrepreneur and founder of travel website lastminute.com, Brent Hoberman.
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