Life of Pi wins Oscars but company behind visual effects goes bankrupt

26 February 2013 / 3 years 7 months ago

One of the four Oscars won by director Ang Li's fantasy adventure film "Life of Pi‘ at Sunday's Academy Awards show was for best visual effects, but as it turned out, the Malaysian company behind the visual effects filed for bankruptcy. Two weeks ago, the company, Rhythm and Hues filed for bankruptcy protection. More than 200 employees were laid off, many of whom worked for more than a year on “Life of Pi,‘ reports SCPR. Industry observers say Rhythm and Hues and other visual effects houses will see their profits shrink more as more companies get into the business ‘“ and as more studios move work to Canada, India and elsewhere to take advantage of tax incentives.Last September, Digital Domain - another leading visual effects firm based in Southern California - also filed for bankruptcy. Its core assets were bought out by companies based in China and India.“Life of Pi‘ was the third Academy Award-winning film featuring visual effects work by El Segundo-based Rhythm and Hues Studios. The company has provided Hollywood filmmakers with visual effects since 1987 and had more than 700 employees in Southern California.Photos: The Star/ANN

Join in the talk