So this sounds like a double edged problem -
1. The actual cost of producing films, as you've mentioned already does it really have to cost so much? Technology could help with this but I don't think is the only solution.
2. The financing of the movie - what if some kind of mutual fund/investment vehicle was created that only invested in film productions? look to individuals as well as institutions for investors.
Incidentally Francis Ford Coppola's comments quoted below are quite telling. If we are viewing movies as an art form then the cost (and revenue) generated should be a lot lower. If it is viewed as entertainment then it will be run as a business; making money will trump creativity and artistry every time.