PNN
Mumbai (Maharashtra) [India], March 3: Digikore Studios Limited. (NSE - DIGIKORE), specialized in delivering Visual Effects for a diverse range of projects, expresses deep sympathy for the employees affected by the recent closure of Technicolor Group.
The unfortunate closure of Technicolor is, in part, a consequence of the challenges posed by the Hollywood writers' and actors' strikes in 2023. These labour disputes led to widespread production halts, causing financial strain across the entertainment sector. Technicolor, despite its storied history and resilience, found it increasingly difficult to navigate the economic turbulence exacerbated by these industry-wide disruptions.
Digikore Studios was also affected by the Hollywood Writers' and Actors' Strikes in 2023. Despite industry-wide challenges, the company was able to navigate the crisis effectively. Digikore implemented adaptive strategies to sustain operations during the difficult period. With work now resuming, we anticipate business returning to pre-strike levels very soon.
Abhishek More, Managing Director of Digikore Studios Limited, commented, "As an industry, we must stand together in times of crisis. Technicolor's closure is a significant loss to the VFX world, and our thoughts are with every professional affected. To extend our support, we have onboarded several former Technicolor employees, ensuring that their expertise continues to thrive within the industry. Digikoreremains committed to fostering talent, innovation, and stability in this evolving landscape.
Despite the challenges brought by the Hollywood writers' and actors' strikes in 2023, Digikore successfully navigated the downturn through adaptive strategies. With production work resuming across major studios, we anticipate a strong rebound to pre-strike levels. However, the industry is evolving rapidly, and it is crucial to look beyond traditional VFX services. To ensure long-term sustainability and growth, Digikore is actively diversifying into emerging sectors such as Branded Content and AI SaaS platforms. This strategic shift positions us to stay ahead of industry trends and expand our capabilities to serve a wider range of creative and technological needs.
The closure of Technicolor serves as a reminder of the dynamic nature of the industry, emphasizing the need for agility and resilience. We remain committed to innovation, adaptability, and delivering world-class VFX while honouring the legacy of pioneers like Technicolor and shaping the future of visual storytelling."
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