• TechNews
    • Trending
    • Startups
    • Stories
    • AR & VR
    • IoT
    • AI & Big Data
    • Personality
  • Cyber Security
    • Courses & Programs
    • Software
    • VPN
    • How to!
    • SaaS
  • Reviews
  • Press Release
  • PR Newswwire
  • Business Wire
  • Contact
    • Write For Us?
Sunday, June 4, 2023
  • Login
  • Register
TTM
No Result
View All Result
No Result
View All Result
TTM
No Result
View All Result
Home Press Release PR Newswire

Digital Domain Reports 2022 Results: Turns to Positive EBITDA of Media Entertainment Business Segment Driven by Record Revenue in 30 Years of the Business and Laser Focus on Core VFX business

THETECHMUSK by THETECHMUSK
March 31, 2023
in PR Newswire, TechNews
22 2
0
spreading-technology-THETECHNEWS
12
SHARES
592
VIEWS
Share on FacebookTweet
ADVERTISEMENT

HONG KONG, March 31, 2023 /THETECHMUSK=TTM/ — Digital Domain Holdings Limited (“Digital Domain” or the “Group”), Hong Kong listed visual effects (“VFX”) and virtual human technology company, reports full year results for 2022 that reflect the Group’s largely completed reorganization plan aimed to refocus its business on providing the highest quality VFX services to the world’s leading content producers (mostly Hollywood studios and global game publishers).

In 2022, the Group has recorded a revenue of HK$959 million (US$123 million), compared to HK$864 million (US$111 million) or 11% increase from the same period in 2021 – this is the all-time highest revenue in the 30 years of the Group’s operations.

ADVERTISEMENT

Following Digital Domain’s refined focus on VFX services, closure of loss-making activities, combined with achieving over HK$780 million (US$100 million) in sustainable revenue scale of the business and significant investment in high-quality or lower-cost production hubs in Canada and India, the Group has transformed itself into a firmly profitable operation with a gross margin of 23% in 2022 compared to 14% in 2021 and 11% in 2020. This systemic change in the profitability of Digital Domain led to the Group reporting positive EBITDA of Media Entertainment Business Segment for first the time since 2014; in 2022, Digital Domain generated positive HK$6.15 million (US$0.8 million) EBITDA of Media Entertainment Business Segment versus the negative HK$304.7 million (US$39.2 million) in 2021. On the net basis Digital Domain reporting HK$215 million (US$28 million) net loss in 2022 (a reduction by 72% compared to 2021 net loss of HK$781 million (US$100 million) – those losses largely explained by impairments and write-offs of multiple non-core legacy activities accumulated by Digital Domain over the years before the Group’s focus shifted to building profitable and scalable VFX operations in 2021.

“Our 2022 results evidence successful completion of the Group’s reorganization aimed to build scale and profitability in our core VFX business. We intend to preserve focus on profitability and positive operating cash flows and we’ll look for further profitable growth opportunities both in our core VFX business and in the commercial exploitation of our highly relevant technologies for artificial intelligence”

Daniel Seah, CEO of Digital Domain
Tags: Digital DomainEBITDAVFX

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Recommended.

spreading-technology-THETECHNEWS

Get First Access to Pre-Token Markets with prePO

March 18, 2023
spreading-technology-THETECHNEWS

Global Power Semiconductor Market to 2028: Increasing Demand for Electric Vehicles (EVs) and Escalating Adoption of Industrial Automation Drives Growth

March 27, 2023

Trending.

spreading-technology-THETECHNEWS

How to Boost Website Performance Using Image Optimization!

May 5, 2023
spreading-technology-THETECHNEWS

Xayn Launches New Enterprise AI Search That’s Energy and Cost Efficient!

May 10, 2023
spreading-technology-THETECHNEWS

Shine a Light on Shadow IT: Vanta Launches Category-First Vendor Risk Management Solution

May 3, 2023
spreading-technology-THETECHNEWS

Straive Appoints Ankor Rai as Chief Executive Officer

May 3, 2023
spreading-technology-THETECHNEWS

Ecomobi’s Networking Event: Top-Notch Content Creators Gathering at Econet – Get in Touch

May 5, 2023
Girl in a jacket

TTM

THETECHMUSK, shortly as TTM; spreads amazing content from worldwide based on technology, CyberSecurity, unique product reviews, applications & the BEST 05 listicles editorial approach. Get reading with the world of spreading technology!

Follow TTM

by sur.ly

100% Reputable
Tech News & Reviews

Website
2021

Categories

  • AI & Big Data
  • Android
  • Applications
  • AR & VR
  • Best 05
  • Best Apps
  • Business
  • Business Wire
  • BusinessWire
  • Courses & Programs
  • CryptoCurrency
  • Cyber Security
  • HealthTech
  • Hosting Review
  • How to!
  • Interview
  • IoT
  • MarTech
  • News
  • Personality
  • PR Newswire
  • Press Release
  • Reviews
  • SaaS
  • SEO
  • Software
  • Startups
  • Stories
  • TechNews
  • Tips & Tricks
  • Tips & Tricks
  • Trending
  • VPN

Recent News

spreading-technology-THETECHNEWS

ATFX Receives Exclusive Invitation to Join Africa Summit

June 4, 2023
spreading-technology-THETECHNEWS

Binance’s Web3 Reality Show ‘Build The Block’ Crowns zkPass as Winner

June 3, 2023
spreading-technology-THETECHNEWS

CoinEx Launches BitHK to Provide Crypto Trading Services for Hong Kong Users

May 30, 2023

Reviews

spreading-technology-THETECHNEWS

PostPace

You now have got a better visualization of what actually PostPace $49
Reviews-THETECHNEWS

Deepmind Technologies

The mission is to develop a capable problem-solving process that is
Reviews-THETECHNEWS

SiteLock

SiteLock focuses on helping out small businesses of the underserving market. $149.99 per site/year (SecureAlert)
  • About Us
  • Privacy Policy
  • Cookie Statement
  • Write For Us?
  • Contact

© 2023 THETECHMUSK || "Spreading Technology by TTM".

No Result
View All Result
  • TechNews
    • Trending
    • Startups
    • Stories
    • AR & VR
    • IoT
    • AI & Big Data
    • Personality
  • Cyber Security
    • Courses & Programs
    • Software
    • VPN
    • How to!
    • SaaS
  • Reviews
  • Press Release
  • PR Newswwire
  • Business Wire
  • Contact
    • Write For Us?

© 2023 THETECHMUSK || "Spreading Technology by TTM".

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version