Top Draw Animation Secures New Assignments – Including Largest Single Contract Ever – as Grom Subsidiary Earns Over $2.9MM to Bring Animated Series’ to Life
BOCA RATON, Fla., May 07, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises Inc. (NASDAQ: GROM) (“Grom” or the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology, and safe social media for kids, today announced that its subsidiary, Top Draw Animation (“TDA”), a leading source of premium animation production services for programming shown throughout the world, will lend its animation expertise to over $2.9MM in new assignments, one of which represents the largest single order in Top Draw’s 25-year history. The new production work – unnamed for competitive reasons – was announced today by Grom CEO, Darren Marks.
“The global animation community has long associated Top’s Draw’s animation pros with premium production and an unwavering commitment to excellence,” explains Marks. “With the help of generous tax incentives from government officials in the Philippines, we deliver animation production that helps our partners keep production costs low while granting access to Top Draw’s best-in-class artists that bring these amazing stories to life.”
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. The studio operates under the direction of the company’s two Hollywood-based leaders; President Russell Hicks, who earlier led Nickelodeon’s original animation and live action production; and EVP Jared Wolfson, both of whom assumed their new roles last year.
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 web site 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
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