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I've often wondered about the reverse. A movie script as the ultimate video compression.

I wouldn't call it ultimate compression, plain-text is an easily compressible format.

Also, it would be a very lossy compression. There are a lot of decisions made by the actors/directors/designers that influence the final movie.

Nice idea. If you look at this: http://www.collegehumor.com/video/6905817/every-tech-commerc... ('Every Tech Commercial') there could be plain ASCII templates for movie or commercial plots.