Here’s an interesting piece of industry news (via Deadline) which immediately begs the question “why hasn’t this been initiated sooner?”

Lionsgate (the studio that Saw built) are planning on creating three low-budget features (all under $2 mil) in a new scheme which, if deemed successful, could pave the way for up to 10 films a year.

The three titles due under the banner are Rapturepalooza from ‘Bill and Ted’ writer/producer team Chris Matheson and Ed Solomon, Gay Dude – an adolescent high-school comedy about two best friends (one gay, one straight) who vow to lose their virginity before graduating high school, and supernatural thriller, 6 Miranda Drive, by Wolf Creek writer/director Greg Mclean.

Lionsgate’s Motion Picture Group president Joe Drake has offered this rather obvious, yet thoroughly appealing reason behind the venture:

“Microbudget films involved minimal overhead and very little risk, but a potentially high reward.”

Will other studios adopt this business model if these films prove to be a success? In this era of cost-conscious filmmaking, the idea that commercially-minded micro-budgeted features could be the way forward is certainly an exciting and attractive prospect for both the moneymen and the creative hub.