Found this via /.: a collaboratively funded, produced and, i assume, distributed film, Swarm of Angels seems to be in the funding stage. Looks promising in many ways, in terms of collaborative storytelling and moviemaking, and the website promises that the product will cost about 1/4 of the cost of a typical Hollywood film, but as mjeppsen says on slashdot:
Is this just a scheme by the filmmakers to get funding for a pet project, or is it Hollywood’s worst nightmare? More importantly, can ‘open-source films’ develop into a sustainable financial model?
Time will tell. This is the type of thing the internet and digital media generally allow. If this sort of project could compete on any level, financially or creatively, it could revolutionize filmmaking. The cynic in me says that it will more likely be co-opted by H’wood somehow.