Not entirely surprising, but Variety has calculated the numbers and “Joker: Folie à Deux” is projected to lose $150M to $200M in its theatrical run, according to their insiders.
“Any estimates suggested by anonymous ‘insiders’ or ‘rival executives’ are grossly wrong and continues a trend where rumor is reported as fact,” a Warner Bros. spokesperson fought back in a statement to Variety. “The film continues to play in theatrical release, included with this week’s opening in China, and will continue to earn revenue throughout its home viewing and ancillary run.”
Sure, Jan. There’s really no way for Warners’ spokespeople to spin the utter failure of this movie into some type of win. It’s currently projected to not even hit $70M domestic by the end of its run. The film cost $190M to produce. Audiences hate the film: “D” CinemaScore, 1/2 Star on PostTrak, 32% RT user score, and 5.3 on IMDb.
One aspect I don’t think many, if any, have talked about is how ‘Folie à Deux’ bombing could spell the end of whatever remains of the “arthouse blockbuster.” The flop could signal that studio heads are turning their backs on auteurs and big budgets. With very few exceptions, I bet there won’t be many instances where the auteur and the studio don’t speak the same creative language again.
So, who are these exceptions to the rule? Filmmakers who can still convince a studio to give them $150M to make a passion project? They can be counted on less than two hands: Christopher Nolan, James Cameron, Martin Scorsese, Quentin Tarantino, Steven Spielberg, and Ridley Scott.
With a dire economy, lagging theater attendance, and the domination of Netflix, things are turning bleak right now for Hollywood creativity. This year has produced three Heaven’s Gate type of disasters — “Joker: Folie à Deux,” ‘Horizon’ and “Megalopolis” — albeit those last two were practically self-funded by the director himself, since no studio even dared invest in them.
The comic irony in all of this is that Phillips isn’t even an auteur. He made a strong “Joker” film in 2019, heavily inspired by Martin Scorsese, won the Golden Lion at Venice, and decided that he needed to take this ambitious swing with ‘Folie à Deux.’ The execution was completely botched. So, with that said, thank you, Todd Phillips. You singlehandedly made things far worse than they already were.