Friday, March 25, 2016

Branch Closing

Not of a bank, but of a VFX studio:

SINGAPORE: The local branch of visual effects studio Double Negative will be shut down, it announced on Wednesday (Mar 23).

"The closure will result in the redundancy of the majority of the staff in Singapore," the studio said. Operations in the Singapore facility are expected to cease by May 20.

The Singapore branch of Double Negative was responsible for some of the visual effects in several Hollywood blockbusters, such as Godzilla, Man of Steel and The Hunger Games: Mockingjay Part 1 and Part 2.

The studio said that it will be working with the Singapore Government to help staff find jobs at Double Negative's other studios - such as in London, Mumbai and Vancouver - or in other companies here. ...

During the past few years, Los Angeles had a lot of visual effects shops close their doors. (Rhythm and Hues closure and Digital Domain's shrinkage come immediately to mind.)

Viz effects, now as always operates on razor-thin margins. And if a facility needs to be closed or relocated in the pursuit of Free Money, the parent company will do it. There's no emotion attached to any of this. It's all about the best way to deploy capital and to make a buck.


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