Tuesday 20 January 2015
California-based
studio will layoff hundreds of animators and other staff after years of poor
box office performances and two sale attempts, reports say
Penguins of Madagascar
failed to replicate the success of previous chapters in the film franchise.
Photograph: Allstar/Dreamworks Animation
DreamWorks Animation has begun a fresh round
of staff layoffs, according to reports in Los Angeles Times, which have been confirmed by other outlets. While the final number
is not yet known, sources fear it may exceed the 350 workers laid off in 2013.
With the exception of How to Train Your Dragon 2, which grossed $618m worldwide
since release in June and was nominated for an Oscar for best animation, recent films by the
California-based studio have failed to meet expectations.
The top-performing films of the past three
years were spin-offs or sequels to previous films (Madgascar, Shrek and Kung Fu
Panda), with new works Turbo,Rise of the Guardians and Mr Peabody and Sherman underperforming
and leading to nearly $160m of writedowns (a reduction in the company’s book
value).
The company’s most recent film Penguins of Madagascar, released in November,
made $287m at the box office over the past two months – down on the previous
film in the series Madagascar 3: Europe’s Most Wanted, which
posted $747m.
