AMERICAN entertainment production company Lucasfilm is winding down its Singapore operations in response to challenges facing the industry and changes in business conditions. The global media industry is facing disruption from rapid technological advancements, while entertainment studios are coping with challenges relating to talent and profitability, said the Singapore Economic Development Board (EDB) and the Infocomm Media Development Authority (IMDA)...
AMERICAN entertainment production company Lucasfilm is winding down its Singapore operations in response to challenges facing the industry and changes in business conditions.
At the time, EDB was wooing and offering subsidies to multinational entertainment heavyweights like Lucasfilm to set up shop here, with the rationale of having the production companies transfer technical know-how to local studios. In their joint statement, EDB and IMDA noted that Lucasfilm had developed "world-class digital animation talent for the industry through knowledge and skills transfer" during its tenure in Singapore.
"While the global media industry undergoes transformation, Singapore remains a valuable and attractive hub for global media companies who are committed to growing in a competitive and innovative ecosystem," said the agencies.
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