The Town with Matthew Belloni

Part 2: James Cameron on ‘Avatar 4’ and ‘5,’ Movie Biz Fears, 3D, Netflix, and Aliens

Date: November 24, 2025
Host: Matthew Belloni
Guest: James Cameron

Episode Overview

In this episode, Matthew Belloni sits down for a second, in-depth conversation with legendary filmmaker James Cameron at Cameron’s Manhattan Beach studio. The focus is on the business of making movies—especially the "Avatar" sequels—covering the state of Hollywood, the future of theatrical releases, VFX budgets, studio dynamics, streaming threats, 3D filmmaking, AI, and more. Cameron delivers candid insights about his creative process, career decisions, and thoughts on technology’s encroachment on artistry. A rapid-fire "lightning round" closes out the session, with Cameron sharing stories about friends, his filmmaking ethos, and even a touch of alien speculation.

Key Discussion Points & Insights

James Cameron’s Pre-Release Nerves and Confidence

• Belloni recalls Cameron’s apparent confidence at the first "Avatar" reviews, but Cameron insists he’s always nervous before a release ([02:34]–[03:16]).
  • Cameron: “Every time you put out a film, your mind racks up all the potential negatives, all the forces against you.”
  • "Sequelitis" and the changing theatrical landscape (down 25% from 2019) have made the stakes even higher.

The Business of Big Movies and Hollywood’s Challenges

• Discussion on greenlighting expensive VFX-driven films in the streaming era ([04:09]).
  • "Where does the young, up and coming aspiring filmmaker... get their foothold? They don’t." ([05:01])
  • Studios are risk-averse, big budget originals are rare.
• Cameron tried to get involved with high-cost musicals like "Wicked" but found it too difficult to break in ([04:38]).

Artistic Integrity & AI Risks

• Strong opinions about preserving artists' intent, referencing the controversial reformatting of "The Wizard of Oz" for The Sphere in Vegas ([05:54]).
  • “I’m vehemently opposed to people changing somebody else’s art.” ([05:57])
• Addresses AI’s potential for misusing actors’ likenesses; insists on “informed consent” as vital ([08:03]).
  • “That is where that informed consent of the artist needs to be really entrenched and protected.”

Streaming, Studio Consolidation, and the Future of Theatrical

• Discusses the shifting business landscape: Paramount’s sale, big tech in Hollywood, and why Netflix shouldn’t buy Warner Bros. ([08:51]).
  • On Netflix: “Netflix would be a disaster. Sorry, Ted, but jeez... Sarandos has gone on record saying theatrical films are dead.” ([08:57])
  • On Oscars: “A movie should be made as a movie for theatrical. And the Academy Awards to me mean nothing if they don’t mean theatrical... I think [they’ve] been co-opted, and I think it’s horrific.” ([09:25])
• Streaming’s early lure for top talent is fading; studios slashing budgets, big spectacle is threatened ([11:25]).

The Fate and Costs of "Avatar" Sequels

• Clarifies that "Avatar" film costs are amortized across multiple projects, dodges specifics but jokes:
  • "It is one metric fuck ton of money, which means that we have to make 2 metric fuck tons of money to make a profit." ([18:15])
• Openly admits he’d walk away if the films stop making enough money:
  • “If this is where it ends, cool.” ([18:39])
  • Refuses to hand over the franchise to someone else—would only stay on as a closely involved producer ([19:14]).

3D Filmmaking: Why Others Haven’t Followed

• 3D on "Avatar" set is streamlined and not a burden ([14:58]).
  • "3D takes up about two minutes of my day, if that... My team is so well versed... We know what we’re doing.” ([15:00])
• Studios opt for post-conversion 3D for control and budget reasons, but Cameron asserts this results in inferior quality:
  • “Conversion costs more money than the incremental cost of shooting 3D..." ([16:00])

Cameron’s Relationship with Disney

• Describes the dynamic as “respectful” and “collaborative” ([21:18]).
  • Praises Bob Iger for supportive, decisive leadership:
    • “He basically shot them down on their notes. And I was like, okay, we’re done here.” ([22:25])
• Describes their notes process as a two-way street, with Cameron integrating many studio notes but ultimately retaining final say ([23:01]).

Inspiration, Themes, and Test Screenings

• World-building originates from Cameron’s detailed dreams and lifelong imagination ([24:20]).
• Emphasis on cinema as a communal, event-based experience:
  • “That’s cinema, right?... That wouldn’t have happened sitting on your sofa watching, watching Netflix.” ([25:00])
• Home viewing is fine, but the big screen offers a unique layer ([25:11]).

Current and Future Projects

• "Ghosts of Hiroshima" is in development but not scheduled ([19:40]).
• Billie Eilish documentary filmed in 3D—originated through sustainability activism connections; Eilish is a co-director ([27:04]).

Notable Quotes & Memorable Moments

• On Big Budgets:

  • "It is one metric fuck ton of money, which means that we have to make 2 metric fuck tons of money." — Cameron ([18:15])

• On AI and Likeness Rights:

  • "The critical point here is informed consent... and that is where that informed consent of the artist needs to be really entrenched and protected." — Cameron ([08:03])

• On Netflix and Theatrical:

  • "A movie should be made as a movie for theatrical. And the Academy Awards to me mean nothing if they don't mean theatrical." — Cameron ([09:25])

• On Dreaming Worlds:

  • “I dreamed the world.” — Cameron on creating "Avatar" ([24:23])

Lightning Round Highlights ([27:27]–[36:44])

• Panic Scale about Hollywood:

  • “Seven to eight. It’s enough of a fire alarm that we’ve got to do stuff and fast.” ([27:44])

• Existential Threats to Humanity:

  • Ranks: "Super intelligence, nuclear, and not just climate but environmental in general." ([28:29])

• On McConaughey’s Titanic Audition:

  • “I said, so, Matthew, would you like to do another take?... He said, ‘No, I’m good.’” ([31:53])

• Friendship:

  • “Guillermo del Toro, for sure... Bit of a coin toss between him and Catherine [Bigelow].” ([32:41])

• On Aliens:

  • “I think that if aliens are out there and if they come here, I don’t think they care about us that much... their way of processing the world might... be so different... that there’s actually no common ground and we might not even recognize their artifacts.” ([35:23])

• On Vegan Restaurants:

  • Props Los Angeles with named favorites, acknowledges some good finds in New Zealand ([36:13]).

Selected Timestamps for Key Segments

| Timestamp | Topic/Quote Highlights | |-----------|-------------------------------------------------------------------------------| | 02:34 | Cameron’s pre-release nerves and focus on the market | | 05:54 | Opposition to reworking classic films and protecting artistic intent | | 08:51 | Streaming, studio consolidation, and why Netflix shouldn’t buy Warner Bros | | 14:58 | Cameron on why real 3D filmmaking is rare and easy for his team | | 18:15 | Evasive answer on Avatar budgets—"a metric fuck ton of money" | | 19:40 | Status of "Ghosts of Hiroshima," other Cameron projects | | 21:14 | Relationship with Disney/Bob Iger | | 24:20 | Origin of world-building from Cameron’s dreams | | 25:00 | The value of theatrical experience—cinema as more than just content | | 27:44 | Panic scale on Hollywood’s future | | 28:29 | Threats to humanity ranked | | 31:53 | McConaughey’s "Titanic" audition anecdote | | 32:41 | Best filmmaker friends: Guillermo del Toro and Kathryn Bigelow | | 35:23 | Cameron’s philosophy on alien life | | 36:13 | Best vegan restaurants: LA vs. New Zealand |

Tone & Style

• Cameron is frank, technical, and uncompromising on artistic matters, but playful when discussing personal projects, friendships, and industry anecdotes.
• Belloni maintains the role of inquisitor, pushing for insider details but also bringing levity in the lightning round.

Conclusion

Fans and industry watchers will find a goldmine of insight in this episode, as James Cameron details both the creative and business complexities of modern filmmaking, reveals his unwavering standards, recounts once-in-a-lifetime anecdotes, and muses on the uncertain future of big-screen spectacle. The conversation underscores Cameron’s rare blend of visionary imagination and practical mastery of the film business, all with his trademark candor and wit.