SYDNEY, Tuesday: The world’s best known special effects company, Industrial Light & Magic, which grew out of the Star Wars franchise, has announced plans to set up an Australasian division, based in NSW.
The state government’s new 10% tax incentive – unveiled recently for the post/digital/VFX sector – was all it took for the George Lucas-founded ILM (now owned by Disney) to seal the deal.
Aussie newssheet Mumbrella reports that the state introduced the tax subsidy as a last-minute push to cement ILM’s move, and the offer can now be accessed by filmmakers who commit to spending over $500,000 on PDV in NSW. It matches incentives offered in South Australia and Queensland.
“ILM should earn A$333m in the first five years, and A$100m each year after.”
ILM is expected to deliver A$333m in post-production business in the first five years and A$100m each year after.
NSW Investment Minister Stuart Ayres said: “This is a fantastic boost for the film, television and streaming industries which increases global competitiveness, helps retain the best talent and creates jobs.”
Mumbrella reports that i’s thought ILM will establish a studio at Fox Studios. It will be the fifth office for the company, which also has outposts in San Francisco, Vancouver, London and Singapore
ILM was acquired by Disney in 2012 as part of the purchase of Lucasfilm.
Share this Post
