3net’s Cosgrove admits hype was unrealistic

In a refreshing statement of honesty, 3net CEO Tom Cosgrove has said “There was enormous hype, beyond what was realistic”

He made the observation talking to C21, but remains upbeat about the future with sales of 3D TV sets growing and between 50 – 60% of the movie going public opting for 3D versions of movies when available.

There has been some reshuffling at the joint venture from Sony, Discovery and IMAX and there will be a greater emphasis on production, commissions and export rather than acquisitions.

In a similar set up to Colossus Productions in the UK, 3net have formed 3net Studios. Although the focus will be on native 3D production and R&D, Cosgrove has announced a production strategy, where select projects will be completed in what the company has coined “TotalD” – native 3D 4K, 2D 4K, 3D 2K and both 3D/2D HD formats – effectively providing a global suite of content solutions for both current and future entertainment platforms and partners worldwide.

“From television, mobile, computer and tablet companies, to broadcast channels and digital content providers, the global demand for a high quality, native 3D programming pipeline has quickly become one of the most vital elements within the 3D ecosystem,” said Cosgrove in a press release. “With the industry now struggling to keep pace with the rapidly accelerating consumer demand for 3D programming across multiple platforms – and now with the evolution of 4K – the formation of a world class production studio to help fill both the 3D and ultra high definition content voids became a logical next step in our evolution as a global player in the entertainment arena.”

Without the advertisers and subscriptions plus the higher cost of production, it is a challenge to make the numbers work for 3D television. By forming a studio, 3net can shift the focus from the domestic market and grow overseas sales. Right now, 3D theatrical releases are where the money is so, it wouldn’t be a surprise if more such releases came out of the studio, especially with Sony and IMAX as partners.

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