http://www.deadline.com/2012/09/digital-domain-says-studios-freaking-out-gets-ok-on-september-21-auction/
Digital Domain is a troubled special effects company that is fighting bankruptcy. The company will be allowed immediate access to $12 million from a debtor-in-possession order. Brenden Shannon, the judge that approved that order also approved a fast-tracked auction. Unless their financial status clears up, six Hollywood studios that are thinking of pulling projects from the company. if this were to happen, Digital Domain would be loosing 80% of their revenues.
This caught my eye because the title of the article said that studios are freaking out and i wanted to know what they were freaking out about. After reading the article, this impacted me as a student because it made me realize that many jobs are liked together. If one of them is having troubles, it will affect the others. For example, if a grocery store buys their merchandise from a farmer, and the farmers crops are not as prosperous as they used to, the farm will be closed down and eventually the grocery store will be too since they have no other place to buy their merchandise.
Over 100 Hollywood films' special effects and computer-generated characters were made by Digital Domain. They had made the special effects of Titanic, which is an Academy Award winning film. Despite their glory, they are still fighting through the economy and this would impact me as a filmmaker because no matter how successful one can be at something, it doesn't necessarily mean they will prosper forever. Because of this, as a filmmaker, one would have to make smart choices about what companies to work with.
I'd like to know if Digital Domain will be able to overcome bankruptcy, and if they don't, what will they do after loosing 80% of their business makers? Would the 6 companies actually pull their projects if Digital Domain's financial status does not get better?
This is a good article that you picked. I learned something new from this. I didn't really know that but I had an idea. But can't the special effects company work with someone else to keep them business? That's what other companies do when they are going out of business.
ReplyDeleteThe film industry is a very competitive business but I'm surprised that Digital Domain, which seems to be a successful company, is going bankrupt. Could it be that special effects are easier to achieve through computer manipulation?
ReplyDeleteIt is actually quite sad to see that such companies are going bankrupt after being so successful. It does seem that the film industry is not only competitive but it is also a gamble because one does not know if she/he will succeed or not despite putting so much passion and effort into a project.
ReplyDeleteThis is sort of an eye opener, if you have successful projects from time to time it doesn't mean that you'll always stay in the business. I hope things clear up and they are able to network themselves to other companies to get more projects and such.
ReplyDelete