Christopher Nolan, J.J. Abrams help save Kodak film from shutting down

Major Hollywood studios have recently struck a deal with Kodak film that will allow it to remain alive in the industry with the help of leading filmmakers like Christopher Nolan, J.J. Abrams, and Quentin Tarantino among others.

Jeff Clarke, Kodak's CEO, said that after extensive discussions with filmmakers, leading studios and others who recognize the unique artistic and archival qualities of film, they intend to continue production, the Hollywood Reporter reported.

He further expressed his gratitude towards the industry leaders for their support and ingenuity in finding a way to extend the life of film.

Kodak's film sales have crashed down by 96 percent over the last decade because of the rise of digital imaging technologies. The decline has accelerated in the last two years as most theaters have converted their conversion to digital.

The film supplier has long maintained that it would continue to manufacture film as long as it was profitable. That was a notable part of the company's plans when it emerged from Chapter 11 bankruptcy protection last September. The company has been the last remaining maker of motion picture film after Fujifilm exited the business in 2013.