US-based Rhythm & Hues Studios and Taiwan’s government-managed National Development Fund (NDF) have announced that they will jointly invest more than $42m in the Taiwanese visual effects industry.
The two partners will each invest $21m in East Grand Films, an investment company that will invest in Taiwanese visual effects outfits and also introduce Hollywood productions to Taiwan.
Rhythm & Hues will also set up a vfx studio in Taiwan’s Kaohsiung City to work on Hollywood projects. The US company will send 50 technical professionals to train around 600 local staff over three years and will hire around 200 among them to work on Hollywood films.
It will also partner with telco Chunghwa Telecom and IT manufacturer Quanta Computer Inc to create a cloud-computing centre for the animation and visual effects communities.
According to the NDF, the tie-up was initiated last year by filmmaker Ang Lee who introduced Rhythm & Hues to Taiwan’s Ministry of Economic Affairs after working with the studio on Life Of Pi.
After signing a memorandum of understanding in Taiwan in October 2011, Rhythm & Hues then filed an investment application last December to the NFD which was approved on Monday (May 28).
In addition to Life Of Pi, Rhythm & Hues is also working on Big Miracle, R.I.P.D. and Snow White And The Huntsman.
Last year, the NDF allocated $357m (NT$10bn) to Taiwanese entertainment projects. Local films such as Warrior Of The Rainbow: Seediq Bale, Black And White and The Killer Who Never Kills have indirectly received investment from the fund.