Disney forced to shutter Lucasfilms studio in Singapore, citing poor economic conditions

Disney, as a brand, has taken an absolute beating over the past year, and as a business, continues to suffer financially, forcing the company to take drastic actions it presumably thought it'd never have to deploy.

According to Breitbart, Disney recently announced the shuttering of Lucasfilm’s visual effects and animation studio, headquartered in Singapore.

Disney’s Lucasfilm to shut Singapore operations https://t.co/sutjVvXz9g

— The Straits Times (@straits_times) August 15, 2023

Breitbart noted:

The studio in the city/state was set up in the 2000s by Industrial Light & Magic (ILM), which was founded by Star Wars creator George Lucas and is a division of Lucasfilm. In recent years Disney has been the parent company, the Straits Times reports.

The Straits Times reported that in a statement, Disney announced that it was closing the studio due to "economic factors affecting the industry."

"Over the next several months, ILM will be consolidating its global footprint and winding down its Singapore studio due to economic factors affecting the industry," the statement read.

The global diminution of the Disney brand continued Tuesday as it announced Lucasfilm’s visual effects and animation studio in Singapore is closing. https://t.co/gY10Yn7GWt

— Breitbart News (@BreitbartNews) August 15, 2023

Singapore’s Infocomm Media Development Authority (IMDA) and the Economic Development Board (EDB) issued a joint statement on the closure of the studio, famous for films including "Star Wars: The Clone Wars."

"Lucasfilm’s decision to wind down its Singapore operations is in response to changes in the industry and business conditions," the two entities said in the joint statement.

While the report didn't indicate how many jobs would be affected by the closure, the news comes on the heels of the woke entertainment giant announcing recently that it was cutting some 7,000 jobs worldwide.

The company has lost mountains of money on a spate of recent films and already faces extreme competition from a long list of streaming services that compete with its own Disney+ platform.

That, combined with nationwide backlash over the company's foray into woke politics last year, seemingly marks the end of what used to be a solid, iconic American entertainment company with which nobody had a problem.

It was noted that Disney still maintains offices in Vancouver, London, Sydney, and Mumbai -- at least for the time being.

Only time will tell if Disney can convince its once-loyal fans to come back, but, likely, the self-inflicted damage is already far too significant.