Chicken Run and Wallace and Gromit studio Aardman is the latest animation studio to see struggles in 2024, as it's cutting around 20 jobs after posting a loss in its recent earnings report.
That news comes from Deadline on Friday, which notes that Aardman is "in the process of making less than 5% of its 425 employees redundant." It's part of a cost-cutting initiative from management that comes in the wake of the studio filing its 2023 earnings, in which Aardman posted a pre-tax loss of £550,135 ($720,000).
That loss, per the report, largely comes from a £1.75 million impairment of unrecouped costs of 2022 animated series Lloyd of the Flies. While the series was "well-received," Aardman said in its earnings report, it was "adversely affected by current very challenging market conditions."
https://www.msn.com/en-us/money/news/wallace-and-gromit-studio-aardman-hit-by-layoffs-after-posting-financial-loss/ar-AA1s6WzR