Top Draw Animation Secures New Assignments, Including Largest Single Contract Ever, As Grom Subsidiary Earns Over $2.9M To Bring Animated Series' To Life
Portfolio Pulse from Benzinga Newsdesk
Grom Social Enterprises Inc. (NASDAQ:GROM), a media, technology, and entertainment company, announced that its subsidiary, Top Draw Animation (TDA), has secured over $2.9M in new animation production assignments, including the largest single order in its 25-year history. These projects, supported by tax incentives from the Philippines, underscore TDA's role as a leading provider of premium animation services globally. Acquired by Grom in 2016, TDA offers high-capacity Harmony and Flash production pipelines and benefits from up to a 25% cash rebate for approved work in the Philippines.
May 07, 2024 | 12:46 pm
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Grom Social Enterprises Inc. announces its subsidiary, Top Draw Animation, has secured over $2.9M in new assignments, highlighting its significant role in the global animation industry and potential revenue growth.
The announcement of securing over $2.9M in new assignments, including the largest single order in its history, is a significant positive development for Grom Social Enterprises Inc. It not only demonstrates the subsidiary's strong market position and expertise in the animation industry but also suggests potential for significant revenue growth. The support from tax incentives in the Philippines further enhances the cost-effectiveness and profitability of these projects. Given these factors, the news is likely to be viewed positively by investors, potentially leading to a short-term uptick in GROM's stock price.
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