20th Century Fox and Lightstorm Entertainment will produce the next three movies in the science fiction "Avatar" series in New Zealand, spending $413 million on live action and visual effects, over 9 months.
This agreement comes after the New Zealand government hiked film industry tax rebates to up to 25 percent from the current 15 percent. Cameron didn’t disclose an exact budget although he says he expects economies of scale will help the three movies together cost less than $1 billion, shot at the same time, with a 2016 release target for the first sequel.
"The Avatar sequels will provide hundreds of jobs and thousands of hours of work directly in the screen sector as well as jobs right across the economy," said Economic Development Minister Steven Joyce.
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"Avatar" director James Cameron, who has a farm in New Zealand, partly made the first "Avatar" in New Zealand, with special effects done at Peter Jackson's Weta Digital.
"Avatar" won three Academy Awards and is the highest-grossing film in history, having taken in more than $2.7 billion globally.
Click the images to enlarge and Sneak Peek "Avatar"...
