Pocket Cinema, the company behind independent cinema chain The Projector, owes creditors S$1.2 million, according to a 19 August e-mail sent to creditors and reported by The Business Times.
The e-mail confirmed that a creditors’ meeting will take place on 29 August at 2.30 pm via video conference. Pocket Cinema also stated that the company will be entering voluntary liquidation.
The Projector announced its immediate closure earlier the same day, citing escalating costs, evolving audience behaviour, and what it described as “the worst consumer market conditions in a decade.”
Based on the company’s records, BT reported that the largest creditor is Overseas Movie, owed S$382,888. OCBC is owed S$200,000, and UOB is owed about S$106,818.
The Projector’s co-founders, Karen Tan and Blaise Trigg-Smith, are each owed more than S$100,000. Other notable creditors include nearly 2,300 members, who are collectively owed close to S$90,000, as well as unused ticket holders owed S$14,300.
The Composers & Authors Society of Singapore is listed as owed S$17,733. Fellow cinema operators are also affected: Golden Village Pictures is owed more than S$9,000, and Cathay Cineplexes is owed over S$1,800.
Additional creditors include LSI Software (S$97,639.70), Gourmetz (S$13,014.60), Forte Law (S$9,000), The Walt Disney Company (Southeast Asia) (S$8,308.96), Cineaste Production House (S$3,283.53), and First Printers (S$1,378.85).
The debt figures are provisional and subject to verification by the liquidator through the proof of debt process.
Former premises at Golden Mile Tower up for rent
Following the closure, a property listing on CommercialGuru showed that The Projector’s former premises at Golden Mile Tower have been put up for rent at S$33,000 per month.
The 10,000-square-foot space includes three cinema halls and a café-bar. Two halls can seat more than 200 people, while the third can accommodate around 100.
The listing describes the space as suitable for church gatherings, comedy shows, or live performances. It also notes another hall at Somerset, able to seat 340 people, available for Sunday morning rentals.
Financial pressures on Pocket Cinema
Pocket Cinema’s financial performance has been mixed in recent years.
Regulatory filings show its Singapore entity last reported a net profit of S$64,122 in 2017 on revenue of S$1.3 million. More recent data is unavailable.
A related entity, Projector X, reported a net loss of S$323,766 in 2023, on revenue of S$2.2 million. This reversed its 2022 performance, when it achieved a net profit of S$308,268 with S$2.5 million in revenue.
As at 31 December 2023, Projector X held more than S$856,000 in bank borrowings, of which about S$218,000 was secured, according to BT.
Cultural impact and community reaction
Since opening in 2014, The Projector had established itself as a cultural hub in Singapore’s arts landscape.
It hosted international film festivals including the Singapore International Film Festival, the European Film Festival, and Pink Screen.
The company’s management acknowledged the structural challenges of operating as an independent cinema. Rising operational costs, changing global viewing habits, and the realities of sustaining arts initiatives in Singapore were cited as key difficulties.
“These pressures have been compounded by the broader realities of operating in the arts and culture sector in Singapore, where independent ventures navigate limited resources while contributing to the country’s evolving cultural landscape,” management said in a 19 August statement.
The closure has sparked grief across the arts community, with tributes pouring in on social media.
An open letter and petition have since urged the Ministry of Culture, Community and Youth to safeguard The Projector as a “Cultural Infrastructure Asset,” citing its contributions to film heritage and creative development.
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