EDITORIALS

Hong Kong Studio Imagi Animation Has Officially Shut Down

by
February 9, 2010

Imagi Animation

Over a year ago we reported that Imagi Animation, the animation studio behind TMNT and last year's Astro Boy, was having financial problems and was temporarily shutting down. Following that news I was called by Imagi's CEO and told that they were waiting for extra funding, but Astro Boy would be delivered on time. Indeed it was delivered on time, but it unfortunately wasn't big of success at all (making only $19.5 million in the US on a $65 million budget). It looks like that was the final nail in their coffin as Imagi has officially shut down. This news was originally reported by Twitch and confirmed by the Associated Press.

The AP article says that all of Imagi, with headquarters in Hong Kong and offices in Los Angeles, has shut down. "In its latest financial results, Imagi said it recorded a net loss of 726 million Hong Kong dollars ($93.4 million) for the six months that ended on Sept. 30, 2009 — just before Astro Boy was released in October." The studio had other projects in the works, including Gatchaman and Gigantor, but we're not sure what will happen to either. However, it is mentioned that they "will continue to develop movie ideas and outsource the actual animation work to mainland China and other countries, where costs are lower."

It's very sad to see Imagi shut down. I was actually a big fan of their animation and style, even more than DreamWorks Animation, and I would've been happy to see them stick around, putting out a good animated movie every few years. We need animation houses like this or we wouldn't get movies like TMNT or 9 or Coraline or any of that. I think Gatchaman has more potential and could be a bigger success (at least more than Astro Boy) but now we don't even know if that will even be finished. I think it was just a case of bad marketing from Summit Entertainment and bad timing for a CGI Astro Boy movie that caused it to flop.

Hopefully we'll find what's going on with Gatchaman soon. I just hope the quality won't suck if they finish it at another animation house, but I guess that's what happens when a studio shuts down. Another sad loss for Hollywood. I hope we don't have to report on more news like this again, it's depressing to write about.

Find more posts in Editorial, Movie News, Opinions

Discover more around the web:

Loading...
  • dagdsf
    No offense and disrespect but I did not like IMAGI studio one bit. I never understood why they were allowed to make movie versions of TMNT, Astroboy, Gatchaman, Gigantor, etc... their work wasn't that great. Astroboy was a bad idea to start off with and TMNT was very mediocre in terms of animation.
  • M
    Im not raising any eyebrows over this either. Their style was really boring, stiff and completely soulless. Big TMNT-fan but I just couldnt watch that thing coz it looked so ugly.
  • So was Astro Boy any good? Did you see it Alex?
  • jason k
    alex, I remember you saying you hated astro boy and it's "style" now you like it? At least be consistent, and TMNT was garbage, bring back the Jim Henson TMNT already.
  • #4 - I didn't hate it, I just didn't care for the movie. And I was referring to Imagi on a whole. I like their style and character designs and animation better than some other big animation houses (e.g. DreamWorks or Blue Sky). Secondly, they ARE getting back to the Jim Henson TMNT - read about it here.
  • i think they had TMNT 2 in their lineup...sad to hear they have to close....
  • RC
    Oh man. They risked it all on an Astro Boy movie? That might have worked 40 years ago.

FEATURED POSTS

POPULAR COMMENTS

LAST YEAR'S TOP 10

Alex's Top 10 - 2016
1. La La Land
2. Paterson
3. Arrival
4. Captain Fantastic
5. 20th Cent. Women
6. Pete's Dragon
7. Jackie
8. Kubo & Two Strings
9. Everybody Wants
10. Wilderpeople
Click Here for Thoughts

Jeremy's Top 10 - 2016
1. Moonlight
2. The Handmaiden
3. High-Rise
4. Elle
5. Arrival
6. Kubo & Two Strings
7. 13th
8. Jackie
9. Toni Erdmann
10. The Witch
Click Here for Thoughts

FOLLOW US HERE

Subscribe to our feed or daily newsletter:
Follow Alex's main profile on twitter:
For the news posts only, follow this acct:
Add our feed to your Feedly: follow us in feedly

FS.NET ON FACEBOOK