The
Technicolor process involved something quite similar - except that the Technicolor camera took all 3 exposures at the same time, by the use of semi-transparent mirrors. As a result, it was possible to control colors quite nicely, and Technicolor used very rich colors when producing their final blend.
Technicolor required a special camera, special operator, and special consultants. It was a bit like having an old IBM mainframe computer at your company with its required staff of engineers in blue suits: there was a certain "overhead" to doing business.
Kodak came along and invented a film that had 3 dyes embedded in it, which required no special camera and operators, consultants, etc. This allowed average people to shoot color movies, and lowered the cost to studios. The color was "just as good" - not. Soon, Technicolor was used only for high-end movies, and by the 1970's, it basically disappeared. As I recall, one of the Godfather movies was the last one ever made in Technicolor. (I may be wrong)
Because Technicolor was shot in b&w film, it is much more archival than modern color film, which fades over time. We can restore Technicolor films fairly easily. It's a "digital" process, after all.
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