Hollywood Sees a Bright Future in 3D
When viewed in terms Hollywood knows best -- money -- last night's matchup between "Avatar" and "The Hurt Locker" seemed no contest at all, reports CBS News correspondant Bill Whitaker.
"Avatar" is the all-time box office champ. It cost over $300 million to put on the screen and raked in $2.5 billion at the box office. Contrast that with "The Hurt Locker." The small, independent film cost just $15 million to make and took in just over $21 million.
But not only did "The Hurt Locker" blast past "Avatar" to win best picture, it shook up Hollywood's old boys' club.
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"The Hurt Locker" director Kathryn Bigelow, the first woman in 82 years of Academy Awards to win best director, made history when she beat out her ex-husband James Cameron for the prize.
"I hope I'm the first of many," Bigelow said after receiving the honor.
Still it's Cameron's "Avatar" that has been truly groundbreaking. It's the film that has truly made Hollywood stand up and take notice of the whole new world of 3D.
"I can't think of a more inspiring event to happen for the movie business in a decade than "Avatar"," said DreamWorks Animation CEO Jeffrey Katzenberg.
All of the studio's movies from now on will be in 3D, which adds about 10 percent to the cost of a movie.
Disney's "Alice in Wonderland" in 3D took in $116 million this weekend, the sixth biggest opening ever.
"There isn't anybody that has released a high-end 3D film that hasn't more than made the return on their investment, in the movie theater alone," Katzenberg said.
Meaning, this isn't your grandfather's 3D movie from the 1950s, with its shaky images, red and blue paper glasses and pounding headaches.
Now it's digital and it's taking off like a rocket. ESPN and other cable networks are launching 3D channels to accommodate the format.
The 3D televisions that hit the market this week cost about $1,000 more than comparable 2D sets. Sony says it is launching 3D from all its platforms: movies, TV and video games.
"It's gathering momentum because it startles you," Sony president and CEO Sir Howard Stringer told CBS News. "It's better than you remember."
So while "The Hurt Locker" walked away with the gold statuette, Hollywood is banking on 3D will go on being a winner.