Weta Digital, the New Zealand-based visual effects studio behind some of the most iconic films of the past two decades, has announced a “company reset” that will result in 265 layoffs. The news was announced on April 15th, 2021, and is the result of the studio’s need to adjust to the changing landscape of the film industry.

Weta Digital is best known for its work on the Lord of the Rings trilogy, Avatar, and The Hobbit trilogy. The studio has been a leader in the visual effects industry since its founding in 1993, and has won five Academy Awards for its work.

The company reset is part of Weta Digital’s effort to remain competitive in an ever-evolving industry. The studio has seen a decrease in demand for its services due to the rise of streaming services and the changing tastes of audiences. The layoffs are part of a restructuring plan that will allow Weta Digital to focus on more profitable projects and services.

The layoffs have been met with sadness from the Weta Digital community. The studio has been an important part of the New Zealand film industry for almost three decades, and the loss of jobs will have a significant impact on the local economy.

Despite the layoffs, Weta Digital remains committed to its mission of creating world-class visual effects. The studio is already working on several upcoming projects, including Avatar 2 and 3, Mortal Engines, and The Lord of the Rings TV series.

The news of the layoffs is a reminder that nothing in the film industry is permanent. Weta Digital’s company reset is an example of how studios must be willing to adapt to changing trends in order to remain successful.