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MAR
4
6 MOS

After Visual Effects Rally, VFX Company Says It Will Close

Gravity NY plans to wind down operations this month.

A week ago was the release of documentary Rhythm & Hues: Life After Pi, which examined the troubled visual effects business and reported that 21 VFX houses have folded or filed for bankruptcy since 2003.

Now Rhinoceros Visual Design and Effects LLC, aka Gravity NY -- which filed for Chapter 11 bankruptcy protection during 2013 -- plans to complete current projects and wind down its operations this month.

The news follows the Oscar Sunday visual effects rally on Hollywood Blvd., which aimed to raise awareness of and address the VFX community's troubled business model.

Wrote Gravity NY's CEO/chief creative officer Zviah Eldar in an email to customers and vendors: "In spite of the effort and dedication of a wonderfully talented group of artists, producers and executives, the same wave that swept away Rhythm & Hues, Asylum, Digital Domain and others has now taken Rhinoceros Visual Design and Effects LLC, aka Gravity NY. We were unable to turn the tide, even with radical restructuring efforts and dramatically reduced overhead expenses."

In the message, Eldar thanked clients and the artists. It reads: "It is my hope that when you meet someone who worked at Gravity NY, you will acknowledge that they persevered in difficult times, performed with grace under pressure and above all loved the craft." The Brooklyn-based company worked on both TV commercials and features.

Eldar was contacted for this story but had not responded at press time.

E-mail: Carolyn.Giardina@THR.com

Twitter: @CGinLA