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CNBC.com James Cameron |
] CEO Jeffrey Katzenberg, is committing to digital 3-D. Cameron has "Avatar" his 3-D film he's invested years in, coming out next December from Fox. We spoke to him exclusively about the challenges 3-D faces in this economy. Bottom line: Cameron believes that despite the high costs coming at the wrong time, 3-D will prevail, and it will be key to the future of the movie industry.
Digital 3-D is about to hit a tipping point. In 2009, studios are releasing a dozen major films in 3-D. And Katzenberg says he expects there to be 2,500 digital 3-D theaters by the time his studio's "Monsters vs. Aliens" comes out at the end of March. But tickets to 3-D theaters cost three to five dollars more than a regular movie ticket. Movie studios have to pay more to make movies in 3-D. (Katzenberg estimates that "Monsters vs. Aliens" cost $15 million more, on top of its $150 million budget).
And it costs a lot to implement digital 3-D systems in theaters. Wall Street was hoping to raise $1 billion to make thousands more theaters 3-D starting next year, but now that plan is on hold. There's no way that money will be raised in the first quarter. But still, 3-D movies consistently make more money at theaters, they're piracy-proof, and the experience on your couch can't compete. The business will surely take hold, just a *lot* more slowly.
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