Jeffrey Katzenburg blasts movie industry

At one time Jeffrey Katzenburg, the chief of Dream Works animation, would have just been over the moon with new 3D technology but that was until the greed of the studios came into play and ruined it all. Katzenburg is the Shrek mastermind and he blasted the studios that are only money grabbing after they produced a raft of bad films and spoiled the art of 3D for the audiences.

He spoke at a tech conference in Aspen, Colorado and asked the audience to give him a show of hands if the lineup of movies for the last seven or eight months happened to be some of the worst they had experienced in the past five years.

In a rare moment of candor he said they suck and it is incredible how bad they are. He has been one of 3D’s biggest supporters and also accused Hollywood of ruining the concept on silly gimmicky movies. He said it all boiled down to one word and that was what has driven Hollywood for so long – Greed.

He being upset with the movie making machine is very understandable since box office receipt have dropped 7% for the year. Even DreamWorks Animation has had its share of pitfalls like Megamind and this year’s Kung Fu Panda 2 which did not do what was expected of it. Their stock has fallen 32% and fell another 27 cents to just $20.06.

They like all of Hollywood are suffering due to DVD sales rapid decline and while some of it could be recuperated with digital distribution most of the rights for streaming are tied up in a deal with HBO through 2014.