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The idea that less is more has never been a popular notion in Hollywood. Yet some studios are turning to low-end films with the idea of unearthing a highly profitable hit.

Lionsgate, which made millions off the back of microbudget pics such as “Blair Witch Project,” “Saw” and “Open Water,” announced yesterday that it would make three movies this year on a shoestring. The company is set to make a total of 10 movies, each with a budget of under $2 million.

Lionsgate’s typical releases cost between $15 million to $20 million while other major studios’ releases can cost upwards of $200 million.

The Santa Monica-based company detailed the first three of its ten pictures yesterday. They are “Rapture Palooza,” from production company Mosaic, described as a post-apocalyptic comedy; “Gay Dude,” about two male friends and supernatural thriller “6 Miranda Drive.”

Lionsgate isn’t the only company funding smaller pics. Paramount launched Insurge Pictures last year with the same aim in mind.

Michael Paseornek, president of movie production and development at Lionsgate told The Post, “A lot of people want to dip in their toe and we want to put our whole foot in,” explaining that the studio wants to discover talent and give newcomers creative freedom.

Once the studio finds a hit, then it will build buzz through film festivals and viral marketing before putting big marketing money behind the picture.

While Lionsgate is more than able to fund these projects, it has been approached by new filmmakers with their own funding capabilities, and the studio says it is open to hearing from newbies. “With ‘Saw,” this young filmmaker came in and we recognized that was something special,” said Paseornek. The horror movie cost $1.25 million and took in some $700 million in worldwide revenue.

Paramount’s Insurge Pictures division, which housed the huge low-cost success, “Paranormal Activity,” also distributed the $13 million “Justin Bieber: Never Say Never” movie.

Amir Malin, principal at Qualia Capital, said that Paramount and Lionsgate are hedging their bets. “For the most part, few of these films will see ‘theatrical’ light of day — especially given the huge marketing and distribution costs — but we may see them first in your local Walmart, on Netflix or your television’s PPV channel,” Malin said.

“For every ‘Blair Witch’ and ‘Paranormal Activity,’ the highway is littered with scores of these micro-budget films that never saw and never will see the light of day,” he said. catkinson@nypost.com