Kodak strikes deal with movie studios to keep film print production in business
Film purists, worry not—the jump to digital hasn’t completely taken over, and several movie studios are ensuring that film continues to have a place in, well, film for at least a little while longer.
In an interview with The Wall Street Journal, Kodak’s Chief Executive Jeff Clarke said that Disney, Fox, Paramount, Sony, NBC Universal and Warner Bros. have all agreed to advance purchases of film they will need over the next few years based on current estimates.This deal will allow Kodak to keep its film plant from shuttering.
Negotiations between Kodak and the studio came to light last year, as a group of directors including Christopher Nolan and J.J. Abrams pushed the studios into working out a deal with Kodak. Martin Scorsese even wrote an impassioned letter defending Kodak film. It’s been difficult for Kodak to remain involved in the motion-picture film business, with studios mostly switching over to digital production. Kodak saw its film print production decrease by 96 percent between 2006 and 2014.
Clarke also told WSJ that he expects the film production business to potentially break even next year and perhaps even grow in the future, as new initiatives have begun to keep this aspect of Kodak operational.
A representative for Kodak did not immediately respond to a request for comment.