Digital Domain's IPO is hitting the streets tomorrow. they're hoping to raise $55 Million (down from the $115 Million they initially hoped for back in May when they initially announced the public offering).
According to SEC documents, DD lost over $100 million last year. And has never turned a profit.
OK. I give up!!! Can someone PLEASE explain this to me?????
Jimmy
vfx@iatse-intl.org
Well, it pretty much what most artist have been SCREAMING at you. The vfx houses barely, if ever, turn a profit. However, IASTE seems to think the vfx houses are sitting on a pile of money and just refusing to pay artists.
ReplyDeleteI don't how much clear it can be said to you, but here it goes:
THE STUDIOS ARE THE ONES SCREWING OVER ARTISTS!!!!!
The studios refuse to budget for the effects they want. If a vfx house tries to get more money the studio will either threaten to move to project overseas or just go ahead and do.
Many majors houses are opening facilities out of the US to try and turn a profit. An artstt can go in and try to demand money and health insurance, but most vfx house simply don't have the money to do it. Until the studios start paying what they should, the vfx houses aren't going to do well.
It shocks me that you don't even get this, yet you are trying to get vfx artists to join your union?!?!?!
THIS GUY ABOVE HIT THE NAIL ON THE HEAD!!! But I will add to the fact to VFX houses need to lose that stench of desperation they all wreak so heavily of. The VFX houses are actually screwing themselves while screwing the artists at the same time.
ReplyDeleteVFX houses need to learn to stand up for themselves and stop allowing studios to push them around. If all houses united in this belief, where else would the studios go for the work? NOWHERE!!! We as VFX houses are our own worst enemy, all stepping on everyone else's feet. If we all stopped under-bidding, then the studios would finally have to be accountable and step up to pay what is due.
It's a simple concept, poor business management and an overwhelmingly high rate of desperation. They need us worse than we need them!!!
while its true they need us more than we need them they have to realize this. for that to happen a tentpole picture has to not make its delivery deadline. will this happen? if all shops pitched the project at a good profit all studios have to go overseas. i say let em, sit out one year. have em do their vfx for 1/3 of the cost in india and see how well the audiences respond, how well the client side vfx supervisors like the quality they are getting delivered.
ReplyDeletethen this movie will either fail to come out and the studio will hire US studios to redo the work or they will release it and hopefully the western audiences will reject the crap showing the studio where the bottom line really sits.
but for this to happen all shops have to unite to say NO we cannot do this show for cost+2%. and that wont happen as long as small houses are begging for big shows and and are all splintered.
I agree with the above comments, vfx houses rarely can make profits for the reasons mentioned. BUT Jimmy has a point: i mean its a huge difference between making no profit or almost none, and loosing 100 million! C'mon thats 100.000.000 dollars!
ReplyDelete