Twelve years after “sex, lies and videotape” revolutionized the independent side of the American movie industry, Hollywood is buzzing with news that director Steven Soderbergh may be contemplating a follow-up although sources say his new movie would be a sex-themed comedy rather than a proper sequel.

Even the idea that Soderbergh might be revisiting “sex” is fascinating in that it comes at a time when the indie business, economically speaking, could not be in worse shape at least in terms of the sort of movies that made Soderbergh’s name.

While “Jurassic Park III” opened to a one-day Wednesday take of $19 million, only four indie titles the entire year have earned that much half the number of, say, three years ago.

The biggest splash has come from “Memento,” the sleeper whose success is all the more surprising in that no distributor agreed to release the film, which only made it into theaters when financier Newmarket decided to distribute it itself.

“It’s ironic that the most interesting movies I’ve seen this year have all been independents, like ‘The Anniversary Party’ and ‘Sexy Beast,’ when it’s getting harder and harder to find the money to make these films,” said producer Adam Fields (“Donnie Darko,” “Brokedown Palace”). Even when such movies do well, the cost to get them to that point is far greater than it used to be. Production fees are climbing, while marketing expenses have spiraled into the stratosphere. Artisan Entertainment chief executive Amir Malin points out a one-page ad in The New York Times used to cost a few thousand dollars. Now it’s as much as $100,000, and indies are forced to take out a good half-page ad to make their product visible against studio releases.

Many appear to have just given up. Just a few weeks ago, one of the best-respected indies, The Shooting Gallery, went out of business, killing the hopes of many filmmakers who had found distribution for quality low-budget movies through the company.

“All of the major independent distribution companies, except two (Lions Gate Films and Artisan) have been acquired by the major studios, and so it is more difficult to make genuinely independent films,” said producer Steve Stabler (“Albino Alligator”). “It’s not just a question of getting the money, but getting the films distributed.”

Miramax is a billion-dollar-plus corporation, and Soderbergh is an Oscar-winning director (“Traffic,” Erin Brockovich”) who now sits at the top of Hollywood’s A-list. The journey they have taken since “sex, lies and videotape” has put both of them on the map, and in it lies the essence of how the independent business has changed.

The king is dead: long live the king.

Contributing columnist Stephen Galloway can be reached at [email protected].