Leading 2D Animator Gears Up to Service Initial 3D Project with Tier-1 Entertainment and Media Giant
Boca Raton, FL, Aug. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Grom Social Enterprises, Inc. (OTCQB: GRMM) (the “Company”), developer of Grom Social, a leading social media platform for kids and original children’s entertainment content provider, today announced that its wholly owned subsidiary, Top Draw Animation (TDA), a leading 2D animation firm, has entered the lucrative 3D animation space in collaboration with an undisclosed tier-1 entertainment and media giant.
Top Draw Animation, Inc. (TDA), a provider of world-class 2D animation for many of the world’s leading kids media and entertainment companies, announced today that it is expanding operations to accommodate its entrée into the 3D animation space in cooperation with an iconic entertainment and media giant, the name of which, due to the confidentiality issues cannot be disclosed at this time. The lucrative 3D market is now valued at $13.75 billion annually with a projected growth rate of nearly 12% per year through 2025 to $28.3B*.
TDA, now 20 years old, produces such well known cartoon animation as Tom and Jerry, The Hollow, and My Little Pony to mention a few, and works with the likes of DreamWorks, Nickelodeon, and Disney Television Animation among a broader spectrum of blue chip, international producers. In addition to its current production personnel of 500 2D animators, TDA is estimating an initial injection of 80 to 100 skilled 3D artists and technical personnel and has already commenced the hiring process. The 3D division, in terms of people, is anticipated to double within the medium term. TDA previously expanded its existing facilities to house an initial 200 seat pipeline.
“Over the past 20 years, we’ve built a strong reputation for quality and reliability,” said Wayne Dearing, TDA’s Managing Director. “Our 2D history gives us an enormous advantage and we feel that our entry into 3D comes at the perfect time for us to take advantage of the growth opportunities and to leverage our long standing Tier-1 relationships, allowing us to further service our established customer base and address this multi-billion dollar market opportunity,” concluded Dearing.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a leading social media platform and original content provider of entertainment for children 13 years and under; providing 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, let them interact with friends, access relevant news, and play proprietary games, while teaching them about being a good digital citizen. The Company owns and operates Top Draw Animation, Inc., which produces award-winning animation content for some of the largest international media companies in the world. Grom Social Enterprises also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private business.
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This press release may contain forward-looking statements about Grom Social Enterprises activities that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
*2018 Results -Grand View Research July 2019
Investor Contact Greg Falesnik or Luke Zimmerman MZ Group – MZ North America Main: 949-259-4975 GRMM@mzgroup.us