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magnetic has not been used on 35mm for like 30 years.
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That's news to me, considering that at a festival I help run we don't have 5.1, and we play exclusively off of the stereo mag tracks from brand new prints of brand new films
Whether or not it's magnetic doesn't change the fact that there are analog soundtracks on the film, in stereo, and that no theatrical fold-down to 2-channel is done.