Yes, it can work. In most cases it works like this - you produce a trailer out of your own pocket and pitch the idea to investors and studios (or studios finance trailer and pitch to investors)... so you'd replace investors here with crowd. Studios bring security to investors because they have measurable projections of what would work what wouldn't and secure channels of distributions. But, tell me how could a kickstarter like project work for high budget projects ($200+ million?)... even low budget ($10-20 million, with or without marketing, however you want to account)? I've never heard of anyone raising that kind of money anywhere online from crowd.