MUMBAI: Yesterday our sister publication AnimationXpress broke the news that Jellyfish Pictures was ceasing operations. At that time, there was no real confirmation coming from the the studio which has been struggling to stay afloat. Today, however, the company issued a statement giving its reasons for pulling the plug temporarily on itself – at least until it succeeds in finding a white knight or investor.
Here goes the Jellyfish Pictures statement:
“Like so many other companies operating across the VFX, animation and wider creative industries, we’ve been battling hard in the face of strong headwinds over the past twelve months. The long-tail impact of Covid, coupled with rising costs and the fall-out from the writer and actor strikes, have had a profound effect on our business.
“Over recent months, we’ve been working closely with our key stakeholders to find a path forward, including exploring all options for sale and investment, with the aim of putting in place a strong financial platform upon which we can build. While we continue to engage in these discussions and explore our options, we have today taken legal steps to protect the position of the business while we strive to find a way forward.”
“We have so much to be proud of. We’ve worked on fantastic, ground-breaking projects with brilliant partners. And we want to thank our amazingly talented award-winning teams who day in, day out, strive to push creative boundaries with their innovative thinking and skill.”
Jellyfish Pictures spokesperson
