Legend3D raises $19 million to fund more 3-D conversions
The decade-old San Diego company, which also refashions shots of movies originally filmed in 3-D, has worked on a number of high-profile releases, including Martin Scorsese's current release "Hugo," as well as "Transformers: Dark of the Moon," "Pirates of the Caribbean: On Stranger Tides," and "Green Lantern."
The firm, which employs 250 people, said the $19 million will help pay for research and development to improve the quality of its proprietary 2-D to 3-D conversion process and form more partnerships with filmmakers and studios.
The development comes at a time when consumer interest in watching 3-D movies appears to have cooled. To entice more studios to pay for 3-D conversions, Legend3D is changing its business model to give them some financial incentive: Legend3D will pay a portion of the conversion process in exchange for a share of revenues from 3-D tickets sales.
Major studios are spending $10 million or more to convert new and classic Hollywood movies such as "Titantic" for 3-D viewing.
"3-D storytelling is primed to sweep audiences worldwide, making it increasingly critical that the technology behind the scenes offers today's content creators a tool set without limits,'' said David Patterson, chairman and chief executive of Northwater Capital Management Inc., which led a group of investors in raising the $19 million.
-- Richard Verrier
Photo: Asa Butterfield plays Hugo Cabret (left) and Ben Kingsley plays Georges Méliès in "Hugo" from Paramount Pictures and GK Films. Credit: Jaap Buitendijk