GLENDALE, CA, March 13 /CNW/ - DreamWorks Animation SKG, Inc. (NYSE: DWA)
announced today its intention to produce all of its films in stereoscopic 3D
technology starting in 2009. To best take advantage of the technology, the
company will now be creating films utilizing stereoscopic 3D from the
beginning of its creative process.
"I believe that this is the greatest opportunity for movies and for the
theatrical exhibition business that has come along in 30 years," said Jeffrey
Katzenberg, Chief Executive Officer of DreamWorks Animation. "Advancements in
sound have dramatically improved the auditory experience, but there hasn't
been a corresponding breakthrough in the way we see movies until now.
Stereoscopic 3D technology gives us a real opportunity to significantly
enhance the theater experience."
To date, most films shown in 3D have been created for traditional
projection and then rendered into 3D in post-production. In order to take full
advantage of the new technology, DreamWorks intends to make films with the
stereoscopic 3D concept in mind from the beginning of the production process.
The company believes that this approach will increase its storytelling
opportunities and create a more immersive movie-viewing experience.
"Historically, 3D has been used primarily as an add-on or a bonus
feature," Katzenberg said. "And while audiences have enjoyed that, they
haven't really seen the true potential of this technology. We're going to use
the latest stereoscopic 3D technology to build our movies from the ground up.
We believe that this will create more opportunities for our artists as well as
more compelling experience for the audience."
The growth in the number of theaters capable of projecting 3D films has
dramatically risen in the past two years. It is expected by 2009 that there
will be several thousand screens equipped for 3D. DreamWorks Animation
believes that the rapid deployment of digital cinemas by exhibitors around the
world and the latest technology developments will allow the company to take
advantage of this new platform. The company has started production on its
first film in this format, Monsters vs. Aliens (working title), intended for
release in the summer of 2009.
"I believe CG animation is in the best position to take advantage of the
latest advancement in 3D technology," said Katzenberg. "Since our films are
made digitally, it presents numerous opportunities for our filmmakers. And by
moving into this area now, DreamWorks Animation is developing expertise that
will differentiate our films and provide a lasting competitive advantage."
The exhibition industry sees a major opportunity from this new format.
"Theater owners are excited by this technology because it not only
provides a more special movie-going experience but also a meaningful growth
opportunity as research suggests more people come to see 3D movies, and ticket
pricing has more flexibility," said Jim Tharp, President of Distribution for
Paramount Pictures, distributor of DreamWorks movies. "The advancements in
home entertainment products, especially flat-screen TVs, have made it more
important than ever that exhibitors offer a unique and special theatrical
experience, 3D does that in a big way and film goers have already seen that
this can be a premium experience."
DreamWorks is assembling a world-class team to drive its stereoscopic 3D
Jason Clark, who most recently was Executive Producer on Monster House 3D
and Jim Mainard, who for many years was the head of DreamWorks Animation's
Research and Development, will both be leading the launch of DreamWorks
Animation's stereoscopic 3D efforts.
Phil McNally, Stereographer on Chicken Little & Stereographic Supervisor
on Meet the Robinsons, will be the Stereographic Supervisor on DreamWorks
Animation's first stereoscopic 3D movie, Monsters vs. Aliens.
"I'm thrilled to welcome Phil and Jason to the DreamWorks team,"
Katzenberg said. "Along with Jim, we will have tremendous leadership for this
initiative. By combining their talents and expertise with our resources and
commitment, I believe we will be able to tell better stories and create a
totally new and special experience for movie goers."
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The Company's
plans, prospects, strategies, proposals and our beliefs and expectations
concerning performance of our current and future releases and anticipated
talent, directors and storyline for our upcoming films and other projects,
constitute forward-looking statements, as does the statement concerning the
expected closing date for the offering. These statements are based on current
expectations, estimates, forecasts and projections about the industry in which
we operate and management's beliefs and assumptions. These statements are not
guarantees of future performance and involve risks, uncertainties and
assumptions which are difficult to predict. Actual results may vary materially
from those expressed or implied by the statements herein due to changes in
economic, business, competitive, technological and/or regulatory factors, and
other risks and uncertainties affecting the operation of the business of
DreamWorks Animation SKG, Inc. These risks and uncertainties include: audience
acceptance of our films, audience acceptance of and willingness to pay for 3D
moviegoing experiences, our ability to incorporate 3D development technology
into our development processes, the acquisition of stereoscopic 3D projection
equipment by theater owners, our dependence on the success of a limited number
of releases each year, the increasing cost of producing and marketing feature
films, piracy of motion pictures, the effect of rapid technological change or
alternative forms of entertainment and our need to protect our proprietary
technology and enhance or develop new technology. For a further list and
description of such risks and uncertainties, see the reports filed by us with
the Securities and Exchange Commission, including our most recent annual
report on Form 10-K and our most recent quarterly reports on Form 10-Q. The
Company is under no obligation to, and expressly disclaims any obligation to,
update or alter its forward-looking statements, whether as a result of new
information, future events, changes in assumptions or otherwise.
For further information:
For further information: Bob Feldman, Corporate Communications of
DreamWorks Animation SKG, Inc., +1-818-695-6677, firstname.lastname@example.org