New Netflix film helps Kilkenny animation studio to draw nice profit
Kilkenny-based animation studio Cartoon Saloon has announced a major boost in profits.
Cartoon Saloon Ltd posted a net profit of €1.18 million for 2020, up from €452,161 in 2019, with its revenues already helped by its upcoming Netflix feature,
And the business continued to grow this year as it hired staff, with the company now employing 176 people, up from 142 people at the end of last year.
The value of services provided by Cartoon Saloon Ltd to connected firms totalled €9.2 million last year. The bulk of the work, at €5.82 million, relates to Cartoon Saloon’s work on for Netflix.
The studio landed its fifth Oscar nomination this year for its hand-drawn film, , which is currently available on Apple+ TV. It got a further boost last month when WarnerMedia Kids & Family greenlit for its new preschool schedules on HBO Max and Cartoon Network.
According to the accounts, accumulated profits totalled €3.43 million and its cash funds increased sharply to almost €2.6 million. The studio previously received Oscar nominations for , , and .
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