What is the trilogy doing for the country's economy and what are we doing to capitalise on the attention? PAULA OLIVER investigates.
It's a number that nobody has been able to guess - but everyone hopes it will be a big one.
Putting a value on how much New Zealand will earn from its beauty and creative talent being beamed across the world is a difficult task.
But that hasn't stopped a gaggle of Government agencies clambering to make the most of the opportunity - by boosting the country's tourist numbers, growing its film and post-production industries and lifting the profile of New Zealand among key overseas decision-makers.
This month the Film Commission will complete a study measuring the film's economic impact. It is no easy task, because many in the film industry agree that the impact will depend on how successful the trilogy is.
It could be far-reaching. If you believe the Government agencies that are cashing in on the opportunity - including Trade NZ, Investment NZ, the Ministry of Foreign Affairs and Trade, and Tourism NZ - the trilogy could go a long way towards stemming the brain drain.
Investment New Zealand's Paul Voigt, a self-confessed Tolkien nut, says the opportunity presented could be bigger than the America's Cup or the Sydney Olympics.
"This is ongoing. It's a three-year roll-out, if you like, and each one is almost a two-hour-plus advertisement for the country. It's a wonderful opportunity for us. It will make it easier for New Zealanders to do business offshore."
The Government plans to pour at least $4.5 million into capitalising on the country's moment in the spotlight. Prime Minister Helen Clark expects spin-offs for tourism, computer software, filmmaking, wine and food, and dozens of other local industries.
Three thousand people were employed during the shoot and post-production. Close to 20,000 extras took part, and rare employment opportunities arose for people such as horse trainers, blacksmiths and builders.
The Army provided extras and was paid for it. The New Zealand Symphony Orchestra recorded part of the movie's soundtrack.
Among the initiatives the Government is spending its money on are promotions offering food and beverages at premieres in London, New York, Los Angeles and Wellington. Special liftouts will be placed in global magazines, and there's even a confident-looking plan for an Oscar reception.
An independent evaluation of the economic impact of the Government's investment will be completed in May.
Even if the trilogy is not a success, hundreds of millions of foreign dollars have already been pumped into the local economy.
An American journalist in the country this week to write a travel feature about New Zealand as the home of The Lord of the Rings says the movie will certainly put our country at the forefront of people's minds.
But that doesn't mean they will all flock here - a lot of Americans still will not fly after the events of September 11.
Tolkien fanatics are expected to come to see the film's locations, but the prime targets of the Government's publicity machine are people who simply want to see the country and its people.
"I still hear about people going to Karekare Beach and talking about Jane Campion's The Piano years later," Voigt says. "The impact of this trilogy is just one big unknown. It's so difficult to measure."
The biggest beneficiaries of the The Lord of the Rings project are likely to be in the film industry. Already recognised as a cheap place to film, New Zealand's creative talent is also now being thrust into the spotlight.
To cash in on this, a series of technology and innovation workshops will be held in Los Angeles, Silicon Valley and Seattle, demonstrating New Zealand's post-production and digital effects capabilities.
All those close to The Lord of the Rings agree that the opportunity for this country is difficult to measure. But come London premiere time, there will be many sets of fingers nervously crossed.
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