Legend3D raises $19 million to fund more 3-D conversions
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Legend3D, which specializes in converting movies to 3-D, disclosed Monday that it had raised $19 million from private investors to finance even more 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.
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-- Richard Verrier
