The Pendulum Swings: Paramount to produce microbudgeted films?

This morning, Variety announced that Paramount is launching an initiative that will spend $1 million annually to develop and produce microbudget films.  Wasn't it just two years ago that studios, betting against indie film, shut down their independent subsidiaries?  How quickly the past is forgotten.   True, $1 million is a relatively low investment for a big Hollywood studio, but if history means anything, I can see this number creeping up as other studios jump on the bandwagon.  Fingers crossed that this is more than just a blip on the radar, and that opportunities for inventive independent filmmakers are really on the rise.