Like California, Disney is in a doom loop. Now they are shutting down a 7,000 employee segment of the firm.
““Over the next several months, Industrial Light & Magic (ILM) will be consolidating its global footprint and winding down its Singapore studio due to economic factors affecting the industry,” said Disney, in response to media queries on Tuesday.
The entertainment conglomerate had announced in February that it would eliminate 7,000 jobs in its global workforce as part of an effort to save US$5.5 billion (S$7.4 billion) in costs and make its money-losing streaming business profitable.
It will get worse when Disney releases its next blockbuster failure, “Non-white and the Seven Pronouns”, a twisted version of Snow White and the Seven Dwarfs. Disney has become a joke.
Watch as they are forced to sell off even more divisions of the company, lose money on propaganda/hate films (the new Snow White version is not about finding a Prince—but why women do not need men)
Disney’s Lucasfilm to shut Singapore operations
Anjali Ragurama, The Straits Times, 8/13/23 https://www.straitstimes.com/singapore/disney-s-lucasfilm-to-shut-singapore-operations
SINGAPORE – Entertainment company Lucasfilm is winding down operations in Singapore after almost two decades here due to economic factors affecting the industry, said parent company Disney.
“Over the next several months, Industrial Light & Magic (ILM) will be consolidating its global footprint and winding down its Singapore studio due to economic factors affecting the industry,” said Disney, in response to media queries on Tuesday.
The entertainment conglomerate had announced in February that it would eliminate 7,000 jobs in its global workforce as part of an effort to save US$5.5 billion (S$7.4 billion) in costs and make its money-losing streaming business profitable.
“Lucasfilm’s decision to wind down its Singapore operations is in response to changes in the industry and business conditions,” said the Economic Development Board (EDB) and Infocomm Media Development Authority (IMDA) in a joint statement on Tuesday.
IMDA and EDB noted that the global media industry is “facing disruption from rapid technological advancements, while studios are coping with challenges relating to talent and profitability”.
The joint statement added that Lucasfilm and government agencies are helping affected employees to find roles in other companies, and that employees will be given retraining and upskilling opportunities so that they can take on roles in a variety of emerging areas across media and creative industries.
“The technical and creative skill sets of these employees – who are trained across roles such as designers, tech engineers and tech support staff – continue to be in high demand, both within the broader media industry and in other industries that are going digital,” it said.
It is not known how many employees will be affected.
Disney said that ILM is giving employees as much notice as possible and “offering opportunities to relocate to one of the company’s growing studios”.
In 2006, ILM expanded its operations beyond its San Francisco headquarters and opened its first international studio in Singapore. It now has studios in Vancouver, London, Sydney and Mumbai.
In 2013, Lucasfilm moved into The Sandcrawler building in one-north. The building, which was inspired by the Sandcrawler fortresses in the Star Wars movies, was sold to United States buyout firm Blackstone Group for $176 million in 2021.
Disney added that ILM will be working with the local business community in Singapore to offer a job fair with companies identified as having a need for talent with similar skill sets.
ILM Singapore, Lucasfilm’s visual effects and animation studio arm, has contributed to Hollywood blockbusters, including films in the Marvel, Star Wars and Jurassic Park franchises.
“Our Singaporean talent have worked alongside and learnt from experienced producers, enabling them to develop their skills and play on the world stage,” said IMDA and EDB.
“We are proud that Singaporeans have worked on Hollywood blockbusters such as Jurassic World: Dominion and Marvel’s The Eternals.”
