The encyclopedia · Product & Design · Product decision · 2020–2021
Wonder Woman 1984: Warner's $200M sequel that lost north of $100M
Warner Bros spent $200M on Patty Jenkins' Wonder Woman 1984; it grossed $169.6M worldwide and trade reports put the loss north of $100M.
Warner Bros. Pictures · 2020-12-25
What happened
Wonder Woman 1984, directed by Patty Jenkins, was the sequel to the 2017 Wonder Woman and one of the most expensive films Warner Bros. had banked, with a production budget reported at around $200 million.
Released day-and-date in theaters and on HBO Max on December 25, 2020, against the pandemic, it grossed about $169.6 million worldwide — roughly $46.8 million domestic and $122.8 million international.
With a break-even point estimated near $500 million, the film fell far short. The Hollywood Reporter reported in January 2021 that the studio stood to lose north of $100 million on the release.
Why it happened
- Releasing a $200M tentpole in December 2020, when theaters were sharply curtailed by the pandemic, guaranteed a weak theatrical run.
- The simultaneous HBO Max premiere let subscribers watch free, giving the box office no reason to be a primary window.
- Franchise confidence led Warner to carry a break-even target the film could not plausibly reach in a pandemic winter.
The lesson
A franchise's budget does not bend to the market's conditions. Releasing a $200M film into a shuttered winter sells the box office short.
Sources
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