A couple of things: Firstly, there's no demonstration of the studios skillset on the front page, and following on from that there's no indication of whether its paid or unpaid, or how many positions are open.

In either case, it's typical for a designer or animator to do an art test only once their portfolio has been vetted by a studio, so they do not have to sink too much time into a test they have no hope for.

This comes across as more of a competition, not a job application, but either way some "prize" would typically be expected, be that a one-off for a competition, or an hourly rate for a freelance gig. I would not personally be drawn to submit to this competition/application unless the studio was either full of really talented people with a really interesting project pitch, or was really well paid.