Dec 01, 2021 (Financial News Media via COMTEX) -- Palm Beach, FL -December 1, 2021 – FinancialNewsMedia.com News Commentary – The Global animation industry is offering enormous growth opportunities for the manufacturers, vendors, customers in developed as well as emerging economies worldwide. Animation involved the practice of controlling a series of the still images by showing them in order at a certain pace, producing the illusion of the action of images. Recent animation includes computer generated imagery. In the CGI animated data are created or programmed using software as well as animation tools. Currently, animation has a wide variety of technologies and platforms, for example television and video, digital platforms, entertainment, and games. The use of cartoon characters in animation and animated films has grown over the last decade. Most animation films have quickly and slowly achieved recognition and success in new years. Rapid advancements across communication and technology sectors across the globe are anticipated to drive growth of the global animation market. Addition to this, budding media and entertainment business is also boosting growth of the global market. A report from Precedence Research projects that the global animation market size is expected to hit around US$ 642.5 bn by 2030, growing at a CAGR of 5.2% from 2021 to 2030. It was previously valued at US$ 354.7 billion in 2020. Active Companies in the markets today include Grom Social Enterprises, Inc. /zigman2/quotes/205778790/composite GROM -2.56% , The Walt Disney Company /zigman2/quotes/203410047/composite DIS +2.37% , Walmart Inc. /zigman2/quotes/207374728/composite WMT +1.24% , Sony Group Corporation /zigman2/quotes/208567357/composite SONY +3.76% , GRAVITY Co., Ltd. /zigman2/quotes/203369605/composite GRVY +1.99% .
The Precedence Research report said: "Communication and the television industries are growing at the rapid pace. The technological advancements in the communication and the television industry are major driver for the global animation market growth. Addition to this, in the recent movies, the adoption of the visual effect technology is increasing which is projected to have positive effect on the global industry growth. Increasing entertainment and the media industry is anticipated to create numerous opportunities for the growth industry growth in the near future. Increasing base of the video viewers owing to increased usage of smartphones, internet penetration, easily accessible multimedia devices and growth in the usage of the tablets are among major factors anticipated to augment the growth of global animation industry over the forecast period of time... arrival of AI and VR will create huge opportunities in the global industry."
Grom Social Enterprises, Inc. /zigman2/quotes/205778790/composite GROM -2.56% BREAKING NEWS: Grom Social's Top Draw Animation Studio Adds $1.0MM in Additional New Business – Animation Production Supplier for Global Entertainment Brands Bolsters Output and Leverages New Leadership Team – Grom Social Enterprises, Inc., wholly-owned subsidiary, Top Draw Animation (TDA), today announced that it has been commissioned for an additional $1.0MM in new animation production work, some of which is already underway at its sprawling studio in Manila, the Philippines. The animated projects, none of which have been previously disclosed, are on behalf of global entertainment providers and represent the earliest production work to be fulfilled end-to-end under TDA's leadership duo of Russell Hicks and Jared Wolfson, the studio's newly installed President and Executive Vice President, respectively. Due to confidentiality, Top Draw has not disclosed the commissioned series or clients.
"Top Draw is proud to continue its legacy of truly being a world-class animation production leader," said Hicks. "Bringing detailed attention to every frame of production sets Top Draw apart as our clients increasingly rely on animated content to round out their programming slates and offer viewers rich storytelling through visually stunning animation."
Recognized for premium animation production services, Top Draw produces animated series, movies, specials, and short-form content on behalf of several leading global entertainment providers. The studio employs over 400 artists, animation and production executives at its 30,000 square foot, state-of-the-art campus in the heart of Manila, the Philippines. Since opening its doors in 1999, TDA has accumulated an impressive portfolio of TV animation, producing more than 2,000 half hours of content on behalf of programmers and other leading entertainment providers.
Top Draw Animation was acquired by Grom in 2016 and serves as a centerpiece of Grom's offerings, which include safe social media for kids, web filtering utilized in school districts nationwide and original family entertainment through Curiosity Ink Media. Founded by Hicks and advertising executive Brent Watts in 2017, Curiosity is intended to serve as Grom's pipeline for original IP (Intellectual Property) development through which the company aims to serve the entertainment needs of kids and families. CONTINUED... For more information about Grom Social Enterprises please visit https://gromsocial.com/
Other recent developments in the markets include:
The Walt Disney Company /zigman2/quotes/203410047/composite DIS +2.37% recently reported earnings for its fourth quarter and fiscal year ended October 2, 2021. Diluted earnings per share (EPS) from continuing operations for the quarter was income of $0.09 compared to a loss of $0.39 in the prior-year quarter. Excluding certain items, diluted EPS for the quarter was income of $0.37 compared to a loss of $0.20 in the prior-year quarter. Diluted EPS from continuing operations for the year ended October 2, 2021 was income of $1.11 compared to a loss of $1.57 in the prior-year. Excluding certain items, diluted EPS for the year increased 13% to $2.29 from $2.02 in the prior-year.
“This has been a very productive year for The Walt Disney Company, as we've made great strides in reopening our businesses while taking meaningful and innovative steps in Direct-to-Consumer and at our Parks, particularly with our popular new Disney Genie and Magic Key offerings,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “As we celebrate the two-year anniversary of Disney+, we're extremely pleased with the success of our streaming business, with 179 million total subscriptions across our DTC portfolio at the end of fiscal 2021 and 60% subscriber growth year-over-year for Disney+. We continue to manage our DTC business for the long-term, and are confident that our high-quality entertainment and expansion into additional markets worldwide will enable us to further grow our streaming platforms globally.”
Walmart Inc. /zigman2/quotes/207374728/composite WMT +1.24% recently announced that Executive Vice President and Chief Financial Officer Brett Biggs will begin transitioning from Walmart during this upcoming year, after 22 years with the company, to begin a new chapter of opportunities in both the for-profit and non-profit sectors.
Biggs will remain in the CFO role until a successor is named next year and then support that transition, remaining as an associate until he leaves the company on Jan. 31, 2023. As part of the transition, he will also continue representing the company as a board member on Walmart's FinTech startup joint venture with Ribbit Capital.
Sony Group Corporation /zigman2/quotes/208567357/composite SONY +3.76% recently observed the first anniversary of its PlayStation 5 (PS5) gaming console today, the celebrations are likely to be muted. Despite scripting a blockbuster market entry with products flying off shelves and selling 10 million units within July to become the fastest Sony console to reach the tally, it has since fallen behind its predecessor PS4 owing to the dearth of essential components. To add to the woes, management has reportedly reduced the PS5 production outlook for the current fiscal by 1 million to 15 million due to supply chain disruptions, severely denting its holiday season sale. This is likely to offer an opportunity to rival gaming consoles like Microsoft Corporation's MSFT Xbox Series X and Nintendo Co. Ltd.'s NTDOY Switch to poach on prospective buyers or those sitting on the fence, although the global shortage of semiconductor chips is expected to affect their production schedule as well.
GRAVITY Co., Ltd. /zigman2/quotes/203369605/composite GRVY +1.99% , a developer and publisher of online and mobile games based in South Korea, recently announced its unaudited financial results for the third quarter ended September 30, 2021, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.
THIRDQUARTER 2021 HIGHLIGHTS WERE: Total revenues were KRW 128,670 million (US$ 108,702 thousand), representing a 53.9% increase from the second quarter ended June 30, 2021 ("QoQ") and a 2.4% decrease from the third quarter ended September 30, 2020 ("YoY"); Operating profit was KRW 40,242 million (US$ 33,997 thousand), representing a 110.1% increase QoQ and a 17.1% increase YoY; Profit before income tax expenses was KRW 41,435 million (US$ 35,005 thousand), representing a 113.7% increase QoQ and a 23.0% increase YoY; and Net profit attributable to parent company was KRW 26,351 million (US$ 22,262 thousand), representing a 78.5% increase QoQ and a 4.2% increase YoY.
Online game revenues for the third quarter of 2021 were KRW 18,295 million (US$ 15,456 thousand), representing a 18.3% decrease QoQ from KRW 22,380 million and a 42.5% decrease YoY from KRW 31,833 million. The decrease QoQ was mainly attributable to decreased revenues from Ragnarok Online in Thailand and Japan. Such decrease was partially offset by increased revenues from Ragnarok Online in Taiwan. The decrease YoY was largely due to decreased revenues from Ragnarok Online in Thailand.
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