This is common in VFX industry because the companies that can afford to use VFX are few like large studios, major OTT platforms and that gives them substantial bargaining power over supplier payments.
Usually VFX companies have to bid for a project based on initial scope and then there is a lot of reworks based on client satisfaction (usually without pay) and until the studios greenlight the VFX, there is no payment. Note: This is from my understanding on reading, studying the vfx industry. Experts can chime in here.
Hence, why many prestigious studios like Tippett Studio are going out of business. Tippett had to be acquired by Phantom
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