Axis Studios, a visual effects company that has ties to several popular games, has gone into administration. The company has reportedly suffered from "severe cash flow problems" and has had to layoff 162 employees.
This report comes directly from the BBC, who notes that the cash flow woes come from a decline in the number of active projects and rising labor costs. The company saw a surge in work demand during the Covid-19 pandemic, but that demand has since declined more recently. The only employees left remaining at Axis Studios are four people that are tasked with concluding all business operations.
Axis Studios formed in 2000. Since being created, they have made content for a wide range of projects including television, film, theme parks, and several video games. You are almost guaranteed to have seen their work in the gaming space as they worked on properties such as Dead Island, Clash of Clans, Halo, Destiny, League of Legends, and more.
They were the studio that created the initial reveal trailer for Dead Island 2, which still holds up as a great trailer to this day.
Axis Studios also created the opening cinematic for Destiny 2: Lightfall.
The studio also created content for the BBC and Netflix. They worked on various non-video game properties such as Harry Potter, Doctor Who, Luther, and Magic the Gathering.
