Has Japan saved Hollywood?

In Slate, Edward Jay Epstein uses the delay of the Playstation 3 to peg a discussion of Japan’s effect on Hollywood. To summarize, Japanese technological innovation = increased revenue for Hollywood by opening up home entertainment markets. (Which, of course, probably also contributes to the decline in movie-going, but overall, that revenue loss is dwarfed by gains from DVDs and video games and so forth.)

Will the PS3 have a massive immediate effect on show business? Probably not if, as widely rumored, it costs $500 to begin with. When they can bring it down to $300, then, well, maybe.