Marvel-Linked Animation Studio Behind Hit Show Files for Bankruptcy
Axis Studios, the Scottish animation company behind Marvel’s new streaming series Eyes of Wakanda, has officially filed for bankruptcy. Court documents reveal that a severe cashflow crisis led to the collapse of the studio, despite its high-profile work for Marvel.
Eyes of Wakanda, a four-part animated series, is a spinoff of Marvel’s 2018 blockbuster Black Panther. The show follows Wakandan warriors traveling through history to recover dangerous artifacts, focusing on Noni, a former Dora Milaje member voiced by Winnie Harlow. Although Marvel produced the series, Axis Studios handled all the animation work, which ultimately wasn’t enough to keep the company afloat.
Wakanda’s secrets span centuries. Watch a sneak peek of Marvel Animation’s #EyesOfWakanda, and stream the 4-episode series August 27 only on @DisneyPlus. pic.twitter.com/MgoWtVy0Qj
— Marvel Studios (@MarvelStudios) July 1, 2025
Axis Studios was widely respected in the industry, known for its work in video game cinematics, trailers, and animation for television and film.
The studio contributed to major projects including Halo, Gears of War, and League of Legends, as well as Amazon Prime Video’s Lost in Oz, Netflix’s Scrooge: A Christmas Carol, and episodes of Love, Death + Robots. Its work can also be seen in films like Otto and A Shaun the Sheep Movie: Farmageddon.
However, a combination of challenges led to the company’s downfall. The administrator handling the bankruptcy explained that post-pandemic slowdowns in production, combined with the 2023 US writers’ and actors’ strikes, significantly delayed projects. Rising costs, especially for staff, added to the pressure.
“The company’s workflow was such that only a small number of projects were active at one time and… this could produce cashflow pressures until large completion payments were received or in the event significant gaps arose between commissions,” the filings said.
Even though Axis had a strong pipeline of work, delays in starting new projects worsened its financial position. By June 2024, the studio could not meet payroll and had to defer payments to freelance contractors. The directors had sought professional advice for months before calling in an insolvency practitioner.
Financial records from Axis Productions, the parent company, show that the studio made a loss of $1.1 million on $32.6 million in revenue for the year ending November 30, 2023. Cash reserves were just $380,000, leaving little margin to weather delays or disruptions.
The bankruptcy underscores the challenges faced by external studios working on major franchise projects. Even a studio with a strong reputation and high-profile clients can fall victim to industry volatility, rising costs, and delayed payments.
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