2Pac hologram company files for bankruptcy
Digital Domain Media Group , the special effects company co-founded by James Cameron in 1993, declared Bankruptcy in accordance with Chapter 11 , which according to U.S. bankruptcy law, is when you give the company an opportunity to propose a reorganization plan.
The company, known for creating special effects for movies like Titanic, Transformers or The Curious Case of Benjamin Button (which has won eight Oscars), which also gained fame by performing the hologram amazing rapper 2Pac died during the festival Coachella music in last April.
The increased competition thanks to cheaper technology costs, coupled with globalization, mass standardized tools such as Adobe After Effects, and tax incentives in other countries have severely beaten the special effects industry American being the failure of its latest Digital Domain example.
The company’s shares had fallen by 75% in the last four months, and while it was once valued at $400 million, a company offered $15 million by Digital Domain, which will be put up for auction on September 21 .
Link: 2Pac makers file for bankruptcy hologram (The Verge)Tags: Bankruptcy, Digital Domain Media Group, James Cameron