In a shocking turn of events, the Projector, Singapore's beloved independent cinema, has announced it owes over S$1.2 million (approximately US$933,300) to creditors and will cease operations.

The financial distress was revealed in an email sent to creditors on August 19, which detailed that around 2,300 members and many ticket holders are collectively out S$104,000. This staggering debt includes major players like Overseas Movie, which is owed a hefty S$382,888.

Other significant debts include S$200,000 to OCBC, and S$106,818 owed to UOB. Even the cinema's co-founders, Karen Tan and Blaise Camille Trigg-Smith, are on the credit list with sums of S$120,785 and S$100,025 respectively.

Notably, the non-profit Composers & Authors Society of Singapore (COMPASS) is owed approximately S$17,700, funds critical for composers and songwriters relying on royalties for their livelihood. A COMPASS spokesperson noted that despite efforts to cooperate with Pocket Cinema in finding a solution, the ongoing struggles of the cinema sector in Singapore proved insurmountable.

Other creditors include well-known names in the industry, like Golden Village and Cathay Cineplexes, which are owed S$9,200 and S$1,800, respectively. As of now, attempts to get comments from Mm2 Asia, the parent of these cinema giants, have gone unanswered.

The Projector, which opened its doors in 2014, has now declared it will embark on voluntary liquidation. In a heartfelt statement, Ms. Tan cited a combination of rising costs, changing audience preferences, and the worst market conditions in a decade as the catalysts for this unfortunate outcome. "We see no viable path forward," she expressed.

What’s Next?

A creditors' meeting is scheduled for August 29, giving those affected a chance to discuss the cinema's daunting financial landscape. However, for those with membership cards, the outlook is grim.

The Projector’s website states direct refunds can't be issued due to the liquidation process. Regular membership fees were S$78, with discounts provided for students and seniors. Despite the loss, many loyal members, like novelist Barrie Sherwood and poet Crispin Rodrigues, have expressed their willingness to forgo refunds as a tribute to the cinema's decade-long contribution to Singapore's arts scene.

"For soldiering on for over a decade, they deserve it," Mr. Sherwood reflected on the cinema's impact, while Mr. Rodrigues shared his sadness over the closure, emphasizing the sense of collective grief within the arts community.

As Singapore bids farewell to The Projector, the arts community mourns the loss of a cultural hub that championed diverse cinematic experiences.