Imagi Animation Studios

Imagi Animation Studios, also known as Imagi Studios, was a computer-animation and visual-effects company established in Hong Kong in 2000 by Imagi International Holdings Limited. The studio was created during a period when computer-generated animation was expanding beyond the largest Hollywood production houses, and it sought to combine Hong Kong-based digital production with internationally oriented film development. Its stated creative emphasis was on high-quality, computer-animated feature films, particularly projects with superhero or action-oriented themes that could appeal to audiences in multiple territories. The company began production on Zentrix, a CGI-animated television series, shortly after its establishment. Its operating structure extended beyond Hong Kong: the company maintained a studio in Chai Wan, Hong Kong, a creative development and production facility in Los Angeles, and a satellite office in Tokyo. This arrangement was intended to connect Asian production capabilities with Western development, financing, distribution, and licensing relationships. Imagi's first theatrical feature was TMNT, a computer-animated film based on the Teenage Mutant Ninja Turtles property. Warner Bros. released the film in the United States and Canada on March 23, 2007, where it opened at number one at the box office. The Weinstein Company handled international distribution. TMNT gave Imagi visibility as an international feature-animation producer and demonstrated its strategy of using established entertainment properties as the basis for large-scale CGI films. The company then developed Astro Boy, based on the Japanese manga and character created by Osamu Tezuka. Released in October 2009, the film received mixed critical reviews and performed poorly commercially. The production and release failure reportedly left the company with a loss of approximately US$23 million, placing severe pressure on its finances. At the same time, Imagi was working on other projects, including Gatchaman, a proposed feature adaptation of the Japanese science-fiction franchise, and Cat Tale. Funding difficulties affected the completion and release plans for these projects. In January 2009, the company's auditors indicated that Imagi lacked sufficient funding to complete Cat Tale and Gatchaman. Imagi subsequently presented Gatchaman to licensing partners and announced plans for a stereoscopic 3-D theatrical release, initially targeting 2011. The plan reflected the studio's attempt to use franchise licensing and 3-D presentation as means of improving the commercial prospects of its developing slate. Following Astro Boy's financial failure, Imagi International Holdings announced in January 2010 that the studio would close its United States subsidiaries in order to protect working capital. The closure was completed later that month, with approximately 30 employees laid off and a small number of key personnel retained as consultants. The parent company sought approximately US$30 million from investors to continue its animation projects, but the effort did not restore the studio's operations. Imagi Animation Studios filed for bankruptcy on February 5, 2010. It therefore became a defunct animation brand whose principal legacy consists of Zentrix, TMNT, Astro Boy, and its unfinished or cancelled feature projects.

Imagi Animation Studios was established in Hong Kong in 2000 by Imagi International Holdings Limited, a Hong Kong investment company. The studio entered the market as a computer-animation and visual-effects producer at a time when CGI was becoming increasingly important in television and feature filmmaking. Rather than operating solely as a local production house, Imagi pursued an international model. Its principal studio was located in Chai Wan, Hong Kong, while its development and production activities also included a Los Angeles facility and a Tokyo satellite office. The studio's first production was Zentrix, a CGI-animated television series. This early project established Imagi's interest in serialized, digitally produced entertainment and helped form the technical and creative base for its later feature ambitions. The company subsequently concentrated on feature-length animation, particularly projects based on recognizable properties and stories with action, science-fiction, or superhero elements. Its business proposition was to pair Hollywood-style development and distribution relationships with computer animation produced through its Hong Kong-centered operation. Imagi's first theatrical feature was TMNT, an animated revival of the Teenage Mutant Ninja Turtles franchise. Warner Bros. released the film in the United States and Canada on March 23, 2007, where it opened at number one. International distribution was handled by the Weinstein Company. The film represented the studio's most prominent early commercial achievement and gave it an international profile as a producer capable of delivering a franchise-based CGI feature. After TMNT, Imagi developed Astro Boy, adapted from the manga and character created by Osamu Tezuka. The film was released in October 2009. Although the property had broad international recognition, the film received mixed reviews and failed commercially. The loss associated with Astro Boy was reported at approximately US$23 million, a result that materially weakened the studio's financial position. Imagi's financial problems were also connected with its unreleased project slate. In January 2009, auditors stated that the company did not have adequate funding to complete Cat Tale and Gatchaman. Gatchaman, an adaptation of the Japanese science-fiction franchise, remained in development and was later offered to licensing partners. Imagi announced that it intended to deliver the project in stereoscopic 3-D and pursue a theatrical release in 2011. These measures indicated an attempt to increase the value of the project through franchise licensing and premium exhibition technology, but they did not resolve the company's underlying financing needs. In January 2010, Imagi International Holdings announced a restructuring intended to protect working capital. The United States subsidiaries were closed, the process was completed near the end of the month, and approximately 30 employees were laid off. A limited number of key staff members continued as consultants while the company sought approximately US$30 million from investors to maintain its animation projects. The retrenchment substantially reduced Imagi's international operating capacity. The financing effort did not restore the studio. On February 5, 2010, Imagi Animation Studios filed for bankruptcy. The company consequently became defunct, and its planned projects, including Gatchaman and Cat Tale, did not become part of a completed feature-film catalogue under the studio. Imagi's surviving historical significance rests on its role as a Hong Kong-based, internationally oriented CGI studio and on the released productions Zentrix, TMNT, and Astro Boy.

• 2010

  United States subsidiaries are closed

  [1]Imagi Animation Studiosen.wikipedia.org

  Imagi closes its United States subsidiaries, lays off approximately 30 employees, and retains a small number of personnel as consultants while seeking new investment.

• 2010

  Bankruptcy filing

  [1]Imagi Animation Studiosen.wikipedia.org

  Imagi Animation Studios files for bankruptcy on February 5, ending its operations as an active animation studio.

• 2009

  Gatchaman is offered to licensing partners

  [1]Imagi Animation Studiosen.wikipedia.org

  Imagi presents Gatchaman to licensing partners and announces plans for a stereoscopic 3-D theatrical release targeted for 2011.

• 2009

  Astro Boy is released

  [1]Imagi Animation Studiosen.wikipedia.org

  The studio releases Astro Boy, whose weak commercial performance contributes to a reported loss of approximately US$23 million.

• 2007

  TMNT reaches theaters

  [1]Imagi Animation Studiosen.wikipedia.org

  Imagi's first theatrical feature, TMNT, is released in the United States and Canada by Warner Bros. and opens at number one at the box office.

• 2000

  Imagi Animation Studios is established

  [1]Imagi Animation Studiosen.wikipedia.org

  Imagi International Holdings Limited establishes the Hong Kong-based animation and visual-effects studio, which begins production on Zentrix.

A Hong Kong-based international animation studio focused on CGI feature films and television projects, with an emphasis on globally recognizable properties, action-oriented storytelling, and digital production.

• CGI television series · 2000

  Zentrix

  Zentrix was Imagi's first production, a CGI-animated television series begun after the studio was established in 2000. It provided the company with an early platform for developing digital animation capabilities before its move into theatrical feature films.

• Theatrical animated feature film · 2007

  TMNT

  TMNT was Imagi's first theatrical feature and an animated continuation of the Teenage Mutant Ninja Turtles property. Warner Bros. released it in the United States and Canada in March 2007, while the Weinstein Company handled international distribution. The film opened at number one in the United States and Canada.

• Theatrical animated feature film · 2009

  Astro Boy

  Astro Boy was a CGI feature based on the manga and character created by Osamu Tezuka. Released in October 2009, it was intended as an internationally marketable franchise film. Its mixed critical reception and poor box-office performance contributed to an estimated loss of approximately US$23 million for the company.

• Planned theatrical animated feature film

  Gatchaman

  Gatchaman was a planned feature adaptation of the Japanese science-fiction franchise. Imagi offered the project to licensing partners in 2009 and announced an intended stereoscopic 3-D theatrical release for 2011, but the film was not completed under Imagi's operations.

• Planned animated feature film

  Cat Tale

  Cat Tale was an unfinished animated feature in Imagi's development slate. In 2009, the company's auditors reported that the studio lacked sufficient funding to complete its release, and the project did not become a completed Imagi feature before the studio's bankruptcy.

• 2010

  Closure of United States subsidiariesStrategy

  Background

  After Astro Boy's poor commercial performance and continuing funding pressure, the parent company sought to preserve working capital.

  Action taken

  Imagi International Holdings closed Imagi's United States subsidiaries, completed the closure in January, laid off approximately 30 employees, and retained selected personnel as consultants.

  Aftermath

  The restructuring reduced the studio's operating footprint, but the company remained unable to secure sufficient funding and filed for bankruptcy shortly afterward.

  Source

• 2010

  Bankruptcy filingOther

  Background

  The commercial failure of Astro Boy and broader difficulties financing the studio's unfinished projects left Imagi unable to sustain operations.

  Action taken

  Imagi Animation Studios filed for bankruptcy on February 5, 2010.

  Aftermath

  The studio became defunct, leaving projects such as Gatchaman and Cat Tale unfinished.

  Source

• 2009

  Pursuit of licensing and 3-D distribution for GatchamanStrategy

  Background

  Gatchaman faced financing and completion difficulties while Imagi sought to preserve the value of its feature slate.

  Action taken

  The studio opened the project to licensing partners and announced a plan to deliver it in stereoscopic 3-D for a proposed 2011 theatrical release.

  Aftermath

  The project was not completed under Imagi before the company ceased operations.

  Source

1. 1Imagi Animation Studiosen.wikipedia.org