'No one's feeling good': Visual effects industry hit by global challenges as Lucasfilm ends Singapore operations

28 Aug 2023

Lucasfilm’s parent company Disney announced earlier this month that it will shut down its VFX and animation studio, Industrial Light & Magic (ILM), in Singapore after nearly 20 years of operations in the country. Disney cited economic factors affecting the industry. Disney has said it is offering opportunities for employees to relocate to one of the company’s growing studios. Lucasfilm and the relevant government agencies are also helping affected employees to find roles in other companies. The industry is labour-intensive and requires teams with specialised skill sets, said Mr Lynus Hee, manager and course chair at SP's School of Media, Arts & Design. Earlier this year, Disney announced it would cut 7,000 jobs as part of efforts to save US$5.5 billion in costs and make its streaming business profitable.

[Channel NewsAsia]