Remember when many were floored about A24 dishing out $100M+ for Alex Garland’s “Elden Ring”? By far their most expensive movie ever. That was six months ago. Now the Wall Street Journal reports that "Elden Ring" actually cost around $200M to make, nearly double what was floated when cameras started rolling in April. The film is still dated for March 3, 2028.
Back in July, when the film wrapped its four-month UK shoot, I wondered aloud how much post-production a movie could possibly need when it isn't hitting theaters for another year and a half. Now we know. There's a massive amount of VFX work ahead, and it’ll be very pricey.
Some perspective. A24's previous record-holder was "Marty Supreme" at $70M. Before that, it was Garland's own "Civil War" at $50M. "Elden Ring" is roughly three times the studio's previous high mark. Using the usual rule of thumb that a film needs about 2.5x its budget to break even, we're talking a $500M worldwide gross just to get into the black. Only one A24 movie has ever gotten close to that number. That movie, of course, is "Backrooms," which crossed $400M worldwide on a reported $10 million budget.
That film was the exact opposite of "Elden Ring": cheap, internet-born, made by a 20-year-old YouTuber. “Elden Ring” costs equal to 20 Backroom-type movies.
The WSJ piece frames A24 as the company everybody is now trying to copy. Online horror properties that look like the next "Backrooms" are sparking multimillion-dollar bidding wars. Universal is backing a big-budget movie from the "Everything Everywhere All at Once" directors, the same Daniels who made their Oscar-winner for A24 on a shoestring. Telluride head honcho, and friend of the site, Julie Huntsinger summed up the appeal: "They're a Goldilocks company. Just the right amount of people doing just the right amount of things."
There’s much irony to be had here. While the major studios chase the A24 playbook, A24 is chasing the majors' playbook: video game IP, IMAX, a 100-day shoot, a nine-figure budget. No complaints, this is a rather healthy situation for US cinema.
“Elden RingL only exists because Garland wrote a 160-page spec script, flew to Japan and personally won over Hidetaka Miyazaki. He's treated "Elden Ring" like an artistic obsession rather than an IP play. The cast (Kit Connor, Cailee Spaeny, Ben Whishaw, Nick Offerman, Jonathan Pryce) is also strong, but that’s clearly not where the money is going. This will be a VFX-driven fantasy.
If “Elden Ring” hits, A24 will officially be a full-blown major studio. Hopefully the opposite doesn't happen, and we won't end up talking about it the way we talk about “Heaven's Gate.”
The Wall Street Journal reports that "Elden Ring" actually cost around $200M to make, nearly double what was floated when cameras started rolling in April. The film is still dated for March 3, 2028.