You will be redirected back to your article in seconds

Vfx firm Asylum shuts down

Founder cites foreign competition, lack of local incentives

Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down.

Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon.

McGuinness declined to name those projects and said his clients were working on unwinding their involvement with Asylum.

“We need to move on with some type of honor,” he said. “We did not damage any job that we were working on.”

McGuinness cited offshore competition and tax incentives for forcing prices down so far Asylum could no longer compete.

“We’ve become a very smart and sophisticated company. We don’t lose money on jobs,” he said. “We’ve lost work because we couldn’t compete with the Canadian companies. And obviously the English companies. I respect these companies, I respect the caliber of work that’s happening around the world. I just don’t understand why we weren’t protected here in Los Angeles.”

In Asylum’s final days, McGuinness was approached by larger companies that wanted to absorb Asylum, but he ultimately declined.

McGuinness expressed his regret that artists will be left unpaid for their final week’s work.

More Digital

  • Reed Hastings

    Netflix CEO Reed Hastings Pay Package Rose 5% in 2017, to $24.4 Million

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • Stranger Things Season 2

    Netflix Plans to Raise Another $1.5 Billion in Debt Financing for Original Content

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • APOS: Ex-DramaFever Bosses in Korea Role

    APOS: Former DramaFever Bosses Get Korea Role at Warner Digital Networks

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • ‘Red vs. Blue’ Producer Rooster Teeth

    ‘Red vs. Blue’ Producer Rooster Teeth Opens Up in London (EXCLUSIVE)

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • tencent logo

    China's Tencent Music Edges Towards IPO (Report)

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • 'Greatest Showman' Tops Disc Sales Charts

    'Greatest Showman' Tops Disc Sales Charts as 'Last Jedi' Slips to No. 2

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

  • flickr-smugmug

    Verizon Sells Yahoo's Flickr Photo-Sharing Site to SmugMug

    Santa Monica-based visual effects studio Asylum, a highly regarded mid-sized facility with numerous major credits, has shut down. Recent credits for Asylum included “Unstoppable” and “The Next Three Days.” Owner-founder Nathan McGuinness reported the company was busy with commercials and features until the moment he closed the doors on Wednesday afternoon. McGuinness declined to name […]

More From Our Brands

Access exclusive content