Hong Kong studio Imagi shut down

Topic started by Apathylad on Feb. 9, 2010. Last post by Boddington 5 years, 1 month ago.
Post by Apathylad (33 posts) See mini bio Level 6

Imagi International Holdings Ltd. said in a statement to the Hong Kong stock exchange that it stopped funding its computer animation studio on Feb. 5 "to further preserve its limited liquidity and shareholder value." The studio will ask a Hong Kong court to name liquidators, the statement issued Monday said.

But Imagi said it will continue to develop movie ideas and outsource the actual animation work to mainland China and other countries, where costs are lower.

Uh, I'm no economist, but this is bad, right? I'm pretty sad to hear this news, but apparently I was one of the few people who went to go see Astro Boy. I wonder what this means for the planned Gatchaman film that was in the works. The company being shut down only makes me want to buy the Blu Ray release of Astro Boy when it is released.
Post by Boddington (169 posts) See mini bio Level 9
I'm looking at their filmography and seeing only one really major financial success--TMNT--since opening their doors. Astro Boy was, unfortunately, a massive box office failure with around $35 million in losses internationally. I hope the disc sales can make up for that, but I'm not really holding out much hope. 
I wonder what they did wrong. I wonder where their animators and designers were actually based at. If it was all in-house in Hong Kong plus their LA and Tokyo satellite studios then that might be part of the problem there. This is bound to set off lots of ill sentiment, but one of the way Japanese and American animation companies stay solvent is by outsourcing grunt work to Korea, the Philippines, etc. Well, unless you're making ridiculously successful features like Pixar, that is.
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