Christmas came a little late for this blog. I didn’t know financial statements for companies were publicly available which can be purchased here:
Here were a few that I pulled of some of the big VFX companies in the UK:
As I was quoted in a recent Associated Press article, I’ve debated with many that subsidies do not create a sustainable VFX industry. If the financial statements above are true, then it’s pretty clear that UK VFX industry is not sustainable at all even with massive subsidies that need to increase every few years.
For example Double Negative is losing about $US 8 million a year which is probably just as bad if not worse than CA VFX companies that don’t have subsidies and also have to pay their workers overtime.
If any of you decide to purchase any other statements please email them to me. It’s important info for our legal effort on subsidies.
If you don’t have a viable business model, a government handout will not, long-term, save you. And a viable business model is something other than performing sub-contract work for big entertainment conglomerates.
Some have pointed out that FrameStore Limited is the correct financial statement to look at which I’ve added. The numbers are in the 1000s so make sure you multiply accordingly.
Page 12 states that in 2011 there were 527 total employees paid total wages and salaries of $US 38,396,326. In 2012 there were a total of 603 employees paid total wages and salaries of $US 45,870,749.
Given that we can assume that the average wage for Framestore employees was $US 72,858 in 2011 and $76,070 in 2012.
I’d argue the average wage at many VFX companies in CA are around the same. Unfortunately the costs of living in the UK are some of the highest in the world and there is no overtime. My point is that I’m not seeing evidence that wages are significantly lower than CA as many have argued.