Palm Beach, FL – July 15, 2021 – In the wake of the COVID-19 pandemic, several governments globally imposed curfews and levied stringent regulations on outdoor activities to curb the spread of the virus. The lockdown led to a massive rise in demand for high-quality entertainment at home, encouraging media and entertainment companies to upgrade their video content. Increased preference to create High-Definition (HD) content, especially for video marketing, owing to its higher resolution, substantially higher number of pixels, and improved content quality compared to standard-definition content, is likely to positively impact the growth. The increased deployment of 3D animated videos to create graphic illustrations of various heavy machinery elements in the manufacturing industry is anticipated to be the key market growth driver. The augmented demand for the technology from several industrial verticals due to the increasing use of simulation in the design of industrial tools by OEMs has facilitated the penetration of 3D animation solutions worldwide. The increased deployment of simulation software and services in industries such as manufacturing, architecture and construction, media and entertainment, education, defense, and healthcare is fueling the industry’s growth. Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ: GROM), AMC Theatres® (NYSE: AMC), Roku, Inc. (NASDAQ: ROKU), Liberty Media Corporation (NASDAQ: LSXMA), Netflix, Inc. (NASDAQ : NFLX).
A report from Grand View Research said that the global 3D animation market size, which was valued at USD 16.64 billion in 2020, is expected to expand at a compound annual growth rate (CAGR) of 11.7% from 2021 to 2028. The report said: “The promising pace of expansion of the media and entertainment sector, which is one of the key adopters of simulation software, is also contributing to the growth of the 3D animation market. The photorealistic representation feature of the simulation technique is expected to surge the demand from the media and entertainment sector. Moreover, the rising consumption of media and entertainment content for kids is expected to drive the demand for 3D animated content soon. Furthermore, the rising trend of integrating 2D and 3D animation, such as implanting 2D overlays with movement in big-budget commercial videos and small-scale digital adverts, is providing promising growth opportunities to the market. The growing preference of designers to retro motion graphics for adding a nostalgic effect to videos, along with morphing of images and logos to offer smooth and swift transition is furthering the demand for 3D animation technology.”
Grom Social Enterprises, Inc. (NASDAQ: GROM) BREAKING NEWS: Grom Social’s Top Draw Animation Adds $1.7 Million New Business While Reducing Debt-Service and Overall Expenses – Grom Social Enterprises, Inc. which recently entered into an agreement to acquire Curiosity Ink Media, today announced its wholly-owned subsidiary, Top-Draw Animation (TDA), has secured an additional $1.7 million in new business commitments, increasing its overall backlog to approximately $8.0MM to be realized over the course of the next 12 months. TDA’s animation studio in Manila, the Philippines, produces animated series, movies, specials and short-form content on behalf of several leading global entertainment providers.
Additionally, Grom reported a final one-time payment of approximately $800k to the original TDA Sellers Note, eliminating nearly $33k in recurring monthly payments. At the same time, by transitioning a portion of its workforce to remote work opportunities, TDA has created production efficiencies that have enabled it to reduce its physical office space needs by nearly 7,000 square feet, resulting in an estimated $100k additional annual savings.
The new work assignments come as Grom completes its acquisition of storytelling production company, Curiosity Ink Media, and the onboarding of its Chief Content Officer and former Nickelodeon President of Animation, Russell Hicks. Hicks will now simultaneously champion Curiosity’s revenue-generating intellectual property (IP) as well as oversee TDA’s animation production and client relations. Hicks will assume oversight of TDA alongside the company’s CEO and Founder, Wayne Dearing.
Dearing stated, “That Top Draw Animation was able to maintain its high standards and continue to deliver during the pandemic is a remarkable achievement and demonstrated our commitment to serving as a reliable, top shelf producer of animation for our clients. The resilience and commitment of every team member of Top Draw Animation is paying off considerably and we are proud that our hard work has resulted in both new business and increased profits.” CONTINUED… For more information about Grom Social Enterprises please visit https://gromsocial.com/
Other recent developments in the markets include:
AMC Theatres® (NYSE:AMC), the largest theatrical exhibitor in the United States, in Europe & the Middle East and in the world, recently announced that it once again broke its previous post-reopening weekend attendance records. For the second time in three weekends, and third time since Memorial Day weekend, AMC recorded its busiest weekend attendance numbers in the last 16 months. Approximately 3.2 million people watched movies at AMC’s United States and international theatre locations between Thursday, July 8 and Sunday, June 11.
Roku, Inc. (NASDAQ: ROKU) recently provided an update on the recent launch of Roku Originals. In late May, Roku added 30 original series to The Roku Channel starring major talent like Kevin Hart, Anna Kendrick, Jennifer Lopez and more. The debut of Roku Originals builds on the significant growth of The Roku Channel, which reached households with an estimated 70 million people in the U.S. as of Q1 2021.
In the two weeks following the launch of Roku Originals, May 20 to June 3, a record number of unique accounts streamed The Roku Channel. Furthermore, the top ten most watched programs on The Roku Channel were all Roku Originals in this two-week period.
“We always believed Roku Originals would perform exceptionally well as free, ad-supported entertainment on The Roku Channel.” said Rob Holmes, Roku’s Vice President of Programming. “The first two weeks have surpassed our expectations, with millions of people streaming Roku Originals, and provided a further demonstration of The Roku Channel flywheel, with great content driving record engagement that’s appealing to advertisers seeking to reach the streaming audience.”
Liberty Media Corporation (NASDAQ: LSXMA) recently announced the payment of a quarterly interest payment to the holders as of June 15, 2021 of its 2.25% Exchangeable Senior Debentures due 2046 (the “Debentures”). The amount of the quarterly interest payment is $5.625 per $1,000 original principal amount of Debentures. As of June 30, 2021, the aggregate adjusted principal amount outstanding is approximately $25 million, after giving effect to individually negotiated private purchases in late April and early May and today’s quarterly interest payment.
Under the Indenture for the Debentures, the original principal amount of the Debentures is reduced in an amount equal to each Extraordinary Additional Distribution that is made to holders of the Debentures. Thereafter, the adjusted principal amount is further reduced on each successive quarterly interest payment date to the extent necessary to cause the quarterly interest payment to represent the payment of an annualized yield of 2.25% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular Extraordinary Additional Distribution that results in a reduction to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that Extraordinary Additional Distribution.
Netflix, Inc. (NASDAQ :NFLX) recently announced it had posted its second-quarter 2021 financial results and business outlook on its investor relations website on Tuesday, July 20, 2021, at approximately 1:00 p.m. Pacific Time. At that time, the company issued a brief advisory release via newswire containing a link to the second-quarter 2021 financial results and letter to shareholders on its website.
A video interview with Netflix co-CEO Reed Hastings, co-CEO & Chief Content Officer Ted Sarandos, Chief Financial Officer Spence Neumann, COO & Chief Product Officer Greg Peters and VP, IR & Corporate Development Spencer Wang also was available. The discussion was moderated by Nidhi Gupta, Fidelity Management & Research Co., with questions submitted via email. Questions from investors were submitted in advance as possible for inclusion. The video interview can be accessed on the Netflix Investor Relations YouTube channel at youtube.com/netflixir.
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