Launched in 2015 by Innovation Network Corporation of Japan (INCJ), All Nippon Entertainment Works (ANEW) was sold to Future Venture Capital in 2017 for $311,000 USD. That comes after new reports state that ANEW received anywhere between $20 and $80 million USD from Japan’s Ministry of Economy, Trade and Industry to facilitate deals between Japanese and Hollywood film studios. One such project was the live-action Tiger & Bunny film which appears stuck in development limbo. None of the other Western remakes of Japanese films ever moved forward.
"ANEW is like institutional corruption," says film producer Hiro Masuda in an interview with Variety. He continues, "Japan does not have film incentives like many other countries that are necessary to finance films and TV projects. As a result, Japan’s entire creative industry is suffering, and after I noticed the huge amount of public money being wasted within Cool Japan, I thought I could not pass this ridiculous situation on to the next generation."
Masuda's frustration stems from his inability to get solid information on funding opportunities for any of his projects. He then spearheaded an investigation that uncovered many questions about how the funds from the Japanese government were being mismanaged.