PALM BEACH, Fla., Feb. 2, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - VFX or Visual Effects are a way of mixing real film shooting with false or animated images. Almost every single movie these days uses VFX. Recent technological advancements in 3D animation technology have fueled the growth of High-Definition (HD) videos along with extensive usage of 3D animated videos across multiple end-user sectors to create a graphic illustration of the working of individual components that are expected to be the key factors propelling the market growth. Demand for animation and VFX content has powered immersive experiences, with exponential growth in augmented reality and virtual reality technology that shaped animation and VFX as a fast-growing sector in the global media and entertainment market. The Animation and VFX Market is segmented by Type (2D, 3D, Motion Graphics, Stop Motion), By End-User (Media, Entertainment, Gaming, Other End-Users), and Geography. Nowadays, consumers are engaging in high-definition visual experiences. Movie-goers are demanding high-quality productions with engaging visual effects and realistic animation and studios, which includes more animation and VFX shots into films. Also, consumers are consuming more immersive content across channels such as ultra-high-definition TVs, tablets, and smartphones to head-mounted devices. Animation, VFX, and games content are being consumed on OTT streaming services such as Netflix, Amazon Prime, and YouTube, Twitter, and Facebook. A report from Mordor Intelligence projected that the Global Animation and VFX Market are expected to grow at a CAGR of over11.5% during the forecast period 2021 to 2026. Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ: GROM), The Walt Disney Company's (NYSE: DIS), JAKKS Pacific, Inc. (NASDAQ: JAKK), Hasbro, Inc. (NASDAQ: HAS), Comcast Corporation (NASDAQ: CMCSA).
The report said: "The increasing demand for the technology from various industrial verticals due to the expanding use of simulation in the design of industrial tools by OEMs is helping the penetration of 3D animation solutions across the world. The increased deployment of simulation software and solutions in the industries including architecture and construction, manufacturing, media and entertainment, defense, education, and healthcare is fueling the industry's growth. Further, cloud computing plays a pivotal role in character rendering, and modeling processes as the cloud-based rendering of animation films are more effective and efficient. It reduces the time and cost compared to traditional rendering, which is expected to fuel the market growth."
Grom Social Enterprises, Inc. (NASDAQ: GROM) BREAKING NEWS: Grom Social's Top Draw Animation Inks $950k in Animation Production Assignments - Grom Social Enterprises, Inc. today announced its wholly-owned subsidiary, Top-Draw Animation (TDA), has executed an agreement with an international programming supplier that will generate an additional $950,000 in business. The work, announced today by Top Draw's President, Russell Hicks, will further bolster animation production to TDA's bustling studio in Manila, the Philippines, where it produces animated series, movies, specials and short-form content on behalf of major international programming suppliers, studios and networks.
Recognized throughout entertainment communities for its premium production services, Top Draw has produced animated content for over 20 years and was acquired by Grom in 2016. Top Draw serves as a centerpiece of Grom's offerings, which also includes safe social media for kids, web filtering utilized in school districts nationwide and original family entertainment through Curiosity Ink Media. In 2021, Top Draw welcomed new leadership with the addition of Hicks and Jared Wolfson, the studio's Executive Vice President.
"More and more, programmers rely on Top Draw to produce their premium animated programming," explains Hicks. "Our entire team came into 2022 energized to deliver even more one-of-a-kind animation content on behalf of all of our clients, whose success depends upon showcasing entertainment that keeps viewers engaged and coming back for more."CONTINUED… For more information about Grom Social Enterprises please visithttps://gromsocial.com/
Other recent developments in the markets include:
To support the ongoing expansion of The Walt Disney Company's (NYSE: DIS) direct-to-consumer business around the world and fuel the expanding pipeline of local and regional content for its streaming services, the Company recently created a new hub for international content creation under the direction of Rebecca Campbell as Chairman, International Content and Operations, it was announced today by Bob Chapek, Chief Executive Officer, The Walt Disney Company. In addition, the Company is making several key executive appointments to its Disney Media & Entertainment Distribution (DMED) segment under the leadership of its Chairman, Kareem Daniel.
Ms. Campbell, in her newly expanded role as Chairman, International Content and Operations, will focus on local and regional content production for Disney's streaming services, as well as continue overseeing Disney's international media teams worldwide, reporting directly to Mr. Chapek. The International Content and Operations group will be home to a fourth content-creation engine for the Company, alongside the Studios Content, General Entertainment Content and Sports Content groups.
JAKKS Pacific, Inc. (NASDAQ: JAKK), a leading toy and consumer products manufacturer, recently announced its new additions to its line of Perfectly Cute baby dolls and accessories for Target this spring. With record breaking sales over 2021, this line is sure to be in high demand in the first quarter.
"Our Perfectly Cute line saw tremendous success at retail in fall and we are excited to bring additional new items to Target this spring that offer up more ways for kids to roleplay what they see at home," said Jeremy Sueper, Sr. Director of Marketing at JAKKS Pacific.
Hasbro, Inc. (NASDAQ: HAS) recently announced an extended relationship with Lucasfilm, renewing its longstanding licensing deal for Star Wars, and announcing a new agreement to develop products based on the Indiana Jones franchise. As a global master toy licensee for both franchises, Hasbro will continue to create toys and games designed to appeal to fans of all ages for the Star Wars franchise and is excited to start on designs for the Indiana Jones franchise. The Indiana Jones line by Hasbro will be available globally in 2023, aligning with the release of the highly anticipated new Indiana Jones feature film.
The two companies have a decades-long strategic merchandising relationship, as Hasbro has developed and manufactured toys and games for a variety of entertainment properties from Disney. In addition to the agreements with Disney with respect to the Lucasfilm properties, Hasbro announced a multi-year extension for the Marvel business in 2020 and is continuing its strong Marvel relationship with an impressive slate of upcoming content, products, and more. Hasbro's collaboration with Disney continues to bring consumers opportunities to express their fandom in all new ways through Hasbro's ever-expanding collections of licensed toys and games.
Comcast Corporation (NASDAQ: CMCSA) recently announced customers nationwide can experience all the excitement and inspiration of the Winter Games through a new, simplified viewing experience available across the company's entertainment platforms. Customers can simply say "Olympics" into their device's voice remote to get right to the action and start enjoying all 2,800+ hours of live and on-demand coverage through Peacock's Premium tier, which is offered at no additional cost to Comcast's entertainment customers in the U.S.
"We're making it easy for fans across the country to find their favorite Winter Olympics events and witness the incredible stories of Team USA and athletes across the world," said Rebecca Heap, Senior Vice President, Consumer Products and Propositions, Comcast Cable. "Making this experience possible is our global technology platform which enables us to streamline innovation across our growing portfolio of entertainment devices, connecting millions of customers to the amazing moments and experiences only the Olympics can deliver."
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