Over the past few years, Canon has fostered a burgeoning DIY film community of young production companies due to its range of affordable DSLR cameras, specifically the 5D. However, just like those filmmakers looking to make the jump, Canon has had its eyes set on becoming a staple on Hollywood productions alongside other digital cameras such as the RED EPIC and Arri Alexa. And so, before the likes of Marty Scorsese, the company announced its contender, the C300, yesterday in Hollywood.

Priced at around $20,000, the C300 still represents a much cheaper option than the likes of the RED, which retails for close to $60,000. And with a Super 35mm CMOS sensor and up to a 4K resolution with two 14.5-60mm lenses and two 30-300mm lenses, the overall package presents pretty good value for your dollar—all five figures. Release is set for January 2012.

Additionally, Canon announced a 4K, DSLR camera in development, tentatively dubbed “EOS Movies.” Little else is known about the camera as of yet, though it’s understood to be a midpoint between the 5D and C300.

[via Engadget]