The Varsity successfully raised the $50,000 needed to convert the smaller of its two theaters to the industry standard of digital projection with three weeks to spare in their online Kickstarter campaign.
The Varsity launched the online fundraiser in mid-December, announcing that if it failed to raise the $50,000 needed to upgrade its projection system, the theater would be forced to close.
“It’s a testament to how much this means to the community,” said Bobby Funk, assistant director of the Chapel Hill Downtown Partnership and founder of the Kickstarter campaign. “There’s a lot of community support here for the things that the community loves.”
Though the theater raised the funds in less than a month, theater owner Paul Shareshian said the fundraiser isn’t over yet.
“Since we hit the goal, it’s kind of been flat — but we still want to get the word out,” he said. “If you’d like to contribute, we’re still looking to upgrade the other (theater) also.”
The online fundraiser ends on Feb. 15 — any donations exceeding the $50,000 goal will go toward upgrading the other theater inside the Varsity.
Very few movies are still produced on film today. The movie industry has begun distributing movies on hard drives instead. Large theater franchises received subsidies to offset the cost of switching to digital projection systems compatible with these hard drives, while small independent theaters, like the Varsity, have been forced to pay for the upgrade on their own.
Shareshian said the first theater should be converted to digital projection by March.
