It's 100% true. Magical Elves are to direct the 3D Katy Perry concert movie. Whether you see this as a step down from the previously-linked Nanette Burnstein probably depends on your feeling about Magical Elves. Or Burnstein's films. I'm conflicted and confused because I always saw Burnstein as a magical elf.
Now, I'm sorry to shatter the illusion so quickly but it's worth pointing out that Magical Elves is the professional alias of Dan Cutforth and Jane Lipsitz, creators of reality shows like Top Chef, The Real L Word, Project Greenlight, and other things that I don't have even the slightest passing interest in.
On the upside, The Hollywood Reporter say that Hustle & Flow's Craig Brewer is involved, but seeing as his credit is only Executive Producer, I don't know what input he'll have. "Make her more 3D. And more. More. MORE!"
Some solid commercial instincts at work there.
The film should be shot, cut, and slapped onto the big screen very quickly indeed, in the model of that Justin Bieber film from a couple of years back that lots of people swore blind was really, really great, but already seems to have been forgotten. I guess pop movies have to move this quickly – Katy Perry's stature must deflate a little every day.
So, obviously, the quicker they get her filmed in 3D, the less she'll look like a balloon with all of the air let out of it.