Kodak is keeping its Rochester motion picture film manufacturing plant open for at least a few more years.
“After extensive discussions with filmmakers, leading studios and others who recognize the unique artistic and archival qualities of film, we have in place a plan that will enable us to continue production. Kodak thanks these industry leaders for their support and ingenuity in finding a way to extend the life of film," said Kodak CEO Jeff Clarke in a statement.
The Wall Street Journal reported that Kodak was seriously considered shutting down the Rochester motion picture film plant. Motion picture film sales have dropped 96 percent over the last 10 years, as studios move to digital display and production.
Motion picture film now accounts for 6 percent of Kodak's revenues.
"(Hollywood) Industry support enables us to plan ahead and maintain production of film for the entertainment industry while we gear up for new markets such as touch sensors," said Kodak in a statement.
The Wall Street Journal reported famous directors lobbied the studios to make the Kodak deal. They included Quentin Tarantino, Christopher Nolan, Judd Apatow, and J.J. Abrams. Bob Weinstein, of Weinstein Co., was quoted as saying he didn't think he could "look some of our filmmakers in the eyes if we didn't do it."
Proponents of film like the color quality and grain. Film can also be preserved for decades, while digital copies degrade and can become unwatchable as technology evolves.
About 300 people work at the film manufacturing operation, which produces all kinds of film. A small portion are dedicated solely to motion picture film, Kodak says.