AI Cuts Film Production Costs by 90%, Experts Say at TIFFCOM

At TIFFCOM, an event linked to the Tokyo International Film Festival, Asian film and tech experts gathered to discuss how AI is changing the way films are made. They emphasized AI’s ability to greatly lower production costs and create new investment opportunities in the industry.

Kevin D.C. Chang, the CEO of South Korea’s Metavision Co., showed how AI tools helped him cut a $4.1 million budget down to just $400,000 for his film “Cinque Terra,” set across five countries. “I created everything on my computer—music, sound design, all of it,” Chang shared, explaining that AI allowed him to skip traditional filming locations without sacrificing quality.

Lower costs are also drawing in new investors. Nicholas Aaron Khoo, chair of Singapore’s N Prime Partners Capital, explained, “When costs go down, so does the risk, which makes investment more attractive.” He noted that people in Singapore are now investing $5,000-$15,000 in film projects, a level of involvement previously rare in traditional filmmaking.

But investing in AI-based projects isn’t without challenges. Khoo cautioned that it’s hard to assess the competition in this fast-changing space. “The big question is, who else might be doing it better?” he said.

The Japanese government is backing AI’s role in content creation, with programs like the GENIAC (Generative AI Accelerator Challenge) to support AI innovation in media. Norihiko Saeki from Japan’s Ministry of Economy, Trade, and Industry shared that they’re encouraging partnerships between animation and tech companies to promote growth.

AI is also enabling international collaboration. Chang, who leads AI seminars for Korean filmmakers, mentioned that cloud-based AI tools allow real-time cooperation between teams across the globe. “We can connect anywhere, anytime,” he said, highlighting the shift from traditional methods that were slower and more location-bound.

Andrijana Cvetkovikj, TIFFCOM’s executive producer, led the discussion and emphasized the need to balance AI-driven innovation with protecting traditional filmmaking and artists.

Source: variety