Chan-wook Park, an award-winning South Korean filmmaker is about to release his film, Night Fishing, which was filmed entirely on the iPhone 4. Park’s film is yet another example of how technology is empowering filmmakers to work in innovative ways. Remarkably, Park’s 30 minute film was not, actually, extremely low-budget, having a budget of about $130,000.
If you’re interested, read more about it in the Los Angeles Times, or watch some clips from it here:

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