Were opening the year with excitement.
We acknowledge we have a lot to do but we see our trajectory as being better.
You will each have to help, you each have a role to play, because we are back.
“Mufasa: Lion king,” “Mission: Impossible - Dead Reckoning Part One, “Snow White,” and “WednesdayEverett
The last two years werent good enough but we are back and were rebuilding our place in the market.
Were delivering fantastic, innovative concepts and we need to accelerate.
We will celebrate success quarter by quarter…
The company hasnt been right for two years while adding this is sad and unfortunate.
A lot of very good and talented people have lost their livelihoods.
It owns prolific labels including The Mill,MPC, Mikros Animation and Technicolor Games.
Recent global headcount was understood to be somewhere between 4,000-10,000.
Technicolors X feed from recent weeks gives the impression of a company in relatively rude health.
Also on the docket for Disney was the aforementionedLilo & Stitch.
Tom Cruise andParamounts upcomingMission Impossiblewas also on the slate, as was the second season ofNetflixand MGMsWednesdaywith Jenna Ortega.
According to our internal sources there were also around six other studio projects whose names havent been revealed.
Disney and Paramount sources we spoke to were bullish that the implosion wouldnt impact their projects.
Netflix declined to comment.
Deals will depend on schedules, budgets, and capacity.
Technicolor has said next to nothing publicly.
Its comms team hasnt responded to multiple requests for comment.
For those in the UK, the picture has been bleak.
According to a local source, the London Wardour Street office is being stripped of everything of value.
Theyve pretty much not paid us for February and shut down.
There are many angry people, as youd expect.
How could it come to this so quickly?
Warning lights were flashing last year, according to a Technicolor UK financial report for the year ending 2023.
It makes for tough reading and gives an insight into the extent to which the company had been struggling.
Losses for the year ending 2023 came to 52M, up 12M year-on-year.
Revenue decreased 29% year-on-year.
The report raises concerns over the UK divisions ability to continue as a going concern.
It notes that the group carried out multiple restructuring projects, including to executive positions and the workforce.
So, significant money was seemingly pumped in last year.
The broader group had been seeking larger investment or new owners for some time prior to this latest collapse.
Those talks seemingly didnt go anwyhere good.
In 2022, Technicolor Group separated from the hardware division of Technicolor SA.
The same message was conveyed in the UK.
Fury&Action
The implosion has left former staff furious and dejected.
Why should employees bear the consequences of poor management decisions while leadership walks away in silence?
We demand transparency, rightful compensation, and answers.
One commentator on X claimed: The Indian employees basically power the company.
VFX is an invisible art.
Its praised when it impresses, overlooked when it struggles.
Another VFX vet agreed in a social post: When will we decide to unionise?
Weve underpinned ALL the big movies for decades.
Movies make billions yet VFX studios still have to fight over bids to reduce costs.
Were still on some race to the bottom.
Local union BECTU last week organized a Q&A for workers.
Niche creative houses could thrive.
A lot of talent has suddenly hit the market.
The talent is still here, Severi noted in his post.
