MUMBAI: In a landmark decision, Paramount Pictures has decided to launch an in-house animation division and has slated its first title release in 2014.
Detailing the development, Paramount Chairman and CEO Brad Grey said that the initiative was part of the studio‘s long-term strategy for growth and the new division Paramount Animation would focus on high quality animation with budgets of up to $100 million per picture. The division, part of the Paramount Motion Picture Group, will report to the group‘s president Adam Goodman and will initially target one release per year.
“We‘ve come a long way over the last six years. Our team has worked hard to build best in class production, marketing and distribution divisions which have proven they consistently execute at the highest level across all genres and price points. Establishing an in-house animation division was the logical next step for us,” said Grey.
Paramount Animation‘s mandate will be the development of the broadest range of family CGI animated films, with a key piece being titles under the label of Viacom‘s Nickelodeon, the number one entertainment brand for kids worldwide. The Studio will also look to build on Viacom‘s already thriving global consumer products business by seeking to capitalise on merchandising opportunities tied to all Paramount Animation releases.
While Paramount has released an array of animated films in its history, the company‘s first fully owned CGI animated property was Rango that released in March last year.
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