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LOS ANGELES (Reuters) - "Avatar" director James Cameron on Monday announced a new venture aimed at making 3D technology cheaper and more accessible to filmmakers and television networks.
Cameron, and fellow 3D pioneer Vince Pace, who together developed the Fusion 3D camera system used on the 2009 blockbuster movie, said they planned to develop a new generation of camera systems, services and creative tools.
The duo said they hoped to "accelerate worldwide growth of 3D across all entertainment platforms including features, episodic and live television, sports, advertising and consumer products."
The pair announced the formation of the Cameron-Pace Group (CPG) at a broadcasting conference in Las Vegas. The company will have its headquarters in Burbank, near Los Angeles.
Cameron and Pace said their aim was to drive innovations in technology to "realize 3D's full potential as a creative and powerful storytelling and live broadcast medium."
"Our goal is to banish all the perceived and actual barriers to entry that are currently holding back producers, studios and networks from embracing their 3D future," Cameron said in a statement.
He said the new venture aimed to build a global brand "that is synonymous with high quality 3D and spans multiple channels, from features to episodic television, and changes the boundaries of what is understood to be 3D material."
Sales of 3D TV sets have yet to take-off despite big investments by manufacturers like Sony Corp, Mitsubihi Electric Corp and others.
Pace told the Hollywood Reporter that one of the aims was to get 3D production costs down to an acceptable level for television budgets.
The 3D technology so far developed by Cameron and Pace has helped bring in $4.7 billion dollars in box office receipts and been used in sports and concert productions worldwide. These include movies "Avatar" -- which made a record $2.7 billion at world box offices -- "Tron: Legacy" and the concert "U2 3D".
Reporting by Jill Serjeant; Editing by Christine Kearney