Grom’s Top Draw Animation to Showcase Premium 2D Animation Production Servies for Global Industry Leaders at Annecy 2024

Rhea-AI Summary

Grom Social Enterprises announced that its subsidiary, Top Draw Animation (TDA), will showcase its 2D animation production services at Annecy 2024 in France. Led by newly-appointed COO Cyrus Mistry, TDA aims to present its award-winning work and discuss tax incentives from the Philippines for productions based in its Manila studio. Celebrating its 25th anniversary, TDA recently secured its largest project to date worth $2.9 million. The company will also highlight its preferred partnership program, which aims to reduce costs, streamline teams, and expedite production timelines.

Positive

• Presentation at Annecy 2024 can enhance visibility and attract global clients.
• Led by newly-installed COO Cyrus Mistry, adding fresh leadership perspective.
• Celebrating 25 years in business, showing longevity and experience.
• Secured a $2.9 million project, the largest in its history, indicating business growth.
• Philippines tax incentives can reduce operational costs, potentially increasing profitability.
• Preferred partnership program designed to lower production costs and streamline teams.
• Award-winning animation team boosts credibility and appeal to high-profile clients.

Negative

• Reliance on tax incentives from the Philippines could pose risks if incentives change.
• High dependence on a single large project ($2.9 million), which could impact financial stability if not sustained.
• Focus on 2D animation might limit market reach in a competitive, diverse animation industry.
• Geopolitical instability in production location (Philippines) could disrupt operations.

Led by Newly-Installed COO, Cyrus Mistry, Top Draw Offers Award-winning Team, Tax Incentives, and Preferred Partnerships for Clients at Annual Animation Conference

BOCA RATON, Fla., June 04, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises Inc. (NASDAQ: GROM) (“Grom” or the “Company”) confirmed today that its subsidiary, Top Draw Animation (“TDA”), will present its award-winning animation production services to leading animation companies during Annecy (France) 2024, the annual gathering of leading global animation industry creators and decision-makers. Led by its Chief Operating Officer, Cyrus Mistry, TDA will showcase its 25-year history of bringing animation to life, pitch the studio’s preferred partnership program, and discuss generous tax incentives offered by the Philippines for content produced at its Manila-based studio. The announcement was made today by Mistry,

Celebrating its 25th anniversary this year, TDA recently announced a $2.9MM assignment – its largest ever – and this year’s Annecy Festival will spotlight its preferred partnership strategy, designed to lower costs, streamline teams, and accelerate production. Additionally, Mistry will also lead discussions on how the studio brings a host of animation to life, including feature-length and short-form content as well as full series shown throughout the world.

“Annecy is widely considered to be one of the must-attend animation gatherings in the world and Top Draw is energized to meet with our existing clients as well as potential new clients and share how, together, we can bring their visions to life for audiences everywhere,” said Mistry. “Our dedicated team of 300+ animation pros are passionate about every frame of every project and we recognize what a privilege it is to play a role in delighting audiences everywhere.”

Acquired by Grom in 2016, TDA is an award-winning state-of-the-art 2D animation studio offering premium, high-capacity Harmony and Flash production pipelines. Since 1999, Manila-based TDA has proudly served the global entertainment industry as a preferred production partner with best-in-class animation services. From boutique content creators to global entertainment brands, TDA has brought life to countless shows, movies, and characters from all around the world.

The cost-effectiveness of partnering with TDA is further bolstered by tax incentives through an initiative from the Film Philippine Office’s FLIP (Film Location Incentive Program), which grants up to a 20% cash rebate for approved work produced in the Philippines. Additionally, TDA partners can access another 5% bonus, to 25%, if the project meets the program's cultural merit standards.

About Top Draw Animation
Based in Manila, Philippines, Top Draw Animation produces animated series, movies, specials, and short-form content for several leading global and international entertainment providers and was acquired by Grom Social Enterprises in 2016.

About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media platform and original content provider of entertainment for children under 13, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, lets them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens and Curiosity Ink Media, a global media company that develops, acquires, builds, grows, and maximizes the short, mid & long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. The Company also owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which provides web filtering for K-12 schools, government and private businesses. For more information, please visit https://gromsocial.com or for investor relations, please visit investors.gromsocial.com.

Forward-Looking Statements
This press release contains statements, which may constitute “forward-looking statements.” Those statements include statements regarding the intent, belief, or current expectations of Grom and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s website at www.gromsocial.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contacts:
Media: Paul Ward Paul@gromsocial.com
IR: Shane@outsidethebox.capital

FAQ

What is Grom's Top Draw Animation planning to showcase at Annecy 2024?

Top Draw Animation will present its award-winning 2D animation production services and discuss tax incentives from the Philippines.

Who is leading Top Draw Animation at Annecy 2024?

The newly-appointed COO, Cyrus Mistry, will lead Top Draw Animation's presentation.

What recent project has Top Draw Animation secured?

Top Draw Animation recently secured its largest project to date worth $2.9 million.

What are the benefits of the preferred partnership program by Top Draw Animation?

The preferred partnership program aims to lower costs, streamline teams, and expedite production timelines.

What tax incentives are available for productions at Top Draw Animation's Manila studio?

The Philippines offers up to a 20% cash rebate, with an additional 5% bonus if the project meets cultural merit standards.