One Battle After Another: Box Office Flop

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Despite being critically acclaimed, Paul Thomas Anderson's film 'One Battle After Another' is projected to lose $100 million at the box office, as it requires $300 million to break even. The film, featuring Leonardo DiCaprio, has received positive reviews but struggles to attract audiences in a post-pandemic landscape dominated by blockbuster franchises. While its financial performance is disappointing, it may enhance Warner Bros' reputation for supporting auteur-driven projects and could yield long-term revenue through awards and home media sales.
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One Battle After Another: Why this


year's most acclaimed film flopped
1 hour ago Share Save

Nicholas Barber

Warner Bros Pictures

(Credit: Warner Bros Pictures)

Paul Thomas Anderson's political thriller One Battle After Another, ADVERTISEMENT

starring Leonardo DiCaprio, has been critically acclaimed and hailed as Advertisement by Taboola

a "masterpiece", but won't break even at the box office.

Paul Thomas Anderson's One Battle After Another is one of the most
acclaimed films of the year, with countless rave reviews hailing it as a
masterpiece. What's more, these reviews agree that it isn't one of those
eat-your-vegetables masterpieces that are a slog to get through, but
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night at the cinema. "It's impossible to overstate how much fun this thing
is," says Max Weiss in Baltimore Magazine. "It's a terrific ride," concludes
Nick Bradshaw in Sight & Sound. And the BBC's Caryn James praises a
car chase "that makes you feel as if you're on a rollercoaster". Throw in the
star power of the film's lead, Leonardo DiCaprio, not to mention his co-
stars, Sean Penn and Benicio del Toro, and you've got all the makings of a
box-office smash.

Or maybe not. Last week, Variety magazine reported that several recent
films aimed at a grown-up audience had all missed their targets, among
them Roofman and The Smashing Machine. And the biggest loser of
them all? You guessed it. "Though the global haul of $140m (£105m) is
impressive for a film that's original, R rated and nearly three hours long,"
said the article, "One Battle requires roughly $300m (£224m) to break
even." The film's budget was $130m (£97m), according to its studio,
Warner Bros, although some sources calculate that it could be more than
$10m higher. With marketing costs stacked on top of that, says Variety,
One Battle After Another "is tracking to lose $100 million".

One Battle After Another - O/cial Trailer - Warner Bro…


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The article does include a statement from Warner Bros, disputing


the sums presented by Variety, but no one would argue that One Battle
After Another is making a fortune. It's now been in cinemas for four
weekends since its release in late September, and according to Box Office
Mojo, its takings add up to just $162.5m (£119m). For those of us who
would like to see a greater range of unformulaic films in cinemas, such
figures look at first to be disheartening, and even perplexing. If audiences
don't show up for a rollercoaster ride with Leo, what will they show up
for?

It's what they point at when people criticise them for not doing real
films any more – John Bleasdale

The simple answer is a gloomy one: in the post-pandemic era, when so


many films are available to stream, it does seem that nothing except IP-
based blockbusters and horror films can tempt large numbers of paying
customers into the multiplex. But that's not the whole story. From
another perspective, the One Battle After Another situation can be seen
as a cause for celebration.

"I think the film is doing phenomenally well," Charles Gant, box-office
editor at Screen International, tells the BBC, "precisely because audiences
are loving it, and word of mouth is super-positive, and the film lends itself
to the PLF [premium large format] and premium experience. It's already
earned almost double Paul Thomas Anderson's previous biggest film, and
it should go a fair bit higher."

One point to remember is that One Battle After Another is sure to have a
long shelf life. It may not do Avengers numbers, but it will make more
money in cinemas following its inevitable Oscar nominations, and, as an
acclaimed film set to endure, significant additional revenue will come
from reissues, Blu-ray sales, streaming and television. That doesn't mean
it's ever going to be a cash cow for Warner Bros, but it doesn't mean that
it's a shocking failure, either.

But the fact is that Anderson is an art house film-maker, and, as much as
critics have pushed it as an action-comedy, One Battle After Another is an
art house film. Its hectic rhythms, nerve-jangling music, deeply flawed
characters, intensely political subject matter, and eccentric mix of
seriousness and silliness mark it as the work of a writer-director who is
determined to fulfil his own creative ambitions, however uncommercial
the results. The reviews and the word of mouth may be superlative, but
it's still a challenging film for anyone in the mood for a Friday night
blockbuster.

A sound investment?
The real reason its box-office takings seem woeful is that its budget is so
astronomical. "The high production budget is making it hard to achieve
profitability – that I will concede," Gant says. Anderson's biggest film
before now was There Will Be Blood, which made $76.9m (£57m) in 2007.
At the other end of the scale, Inherent Vice – which, like One Battle After
Another, was inspired by a Thomas Pynchon novel – made just $14.5m
(£11m) in 2014. For Warner Bros, then, writing him a cheque for a much
heftier amount, even before you tot up the marketing costs, was always
going to be a major gamble. So why did they think that the gamble was
worth taking?

Some films, it seems, are valuable in ways that didn't immediately show
up on the balance sheet. "It's what [studio executives] point at when
people criticise them for not doing real films anymore," John Bleasdale,
author of The Magic Hours: The Films and Hidden Life of Terrence
Malick, tells the BBC. "And it serves to get more talent to the studio,
which is more important than money."

As much as Warner's executives must have hoped for a box-office


bonanza, it's useful for the studio to be thought of as a welcoming home
for prestigious projects by beloved auteurs. Christopher Nolan, for
instance, made films with Warner Bros for almost 20 years before he fell
out with them over the distribution of Tenet in 2020, the costly outcome
being that he switched to Universal to make Oppenheimer – and that was
one of the international success stories of 2023.

More like this:

• The film already gunning to be 2026's biggest

• Why original kids' films are flopping so badly

• Why a hunky Frankenstein's monster is all wrong

You can see why Warner was so keen to sign up Ryan Coogler, the director
of Black Panther and Creed. Coogler then made Sinners with them, which
turned out to be a box-office sensation. With that in mind, anything that
attracts more film-makers of his calibre might feel like a sound
investment. "When Terry [Malick] made Days of Heaven for Paramount,"
says Bleasdale, "Charles Bluhdorn, the president of the studio, said, 'I
don't care if we never make a dollar. I want you making movies with us.'"

You can't risk that kind of long-term strategy unless your other films are
profitable, of course, but luckily for Warner, some of 2025's biggest
money-spinners have been on the company's slate: as well as Sinners,
these include A Minecraft Movie, Final Destination: Bloodlines, F1,
Superman, Weapons, and Conjuring: The Last Rites. If One Battle After
Another hasn't been as lucrative, well, it's still enhanced Warner's
reputation as an auteur-friendly studio, forged a relationship with
Anderson, and granted them a highly respected film which will be an
awards-season favourite. Besides, as Bleasdale points out, "They get
Leonardo DiCaprio to come to their Christmas party."

Maybe One Battle After Another wasn't such a major gamble

So was the studio right to bankroll One Battle After Another?


"Considering everything else that they have had this year, it's a no-
brainer," said Lucas Shaw on a recent edition of a film industry podcast,
The Town. "You have a movie from a great contemporary film-maker
that's got good reviews, and now with Sinners you have two heavy
contenders at the Oscars. Paul Thomas Anderson [who has never won an
Academy Award] can get his Oscar, then you call it a win and decide that
your other successes have covered it. Look, if you're running a movie
studio, you have to be able to take a couple of big swings."

The whole affair echoes The Studio, Seth Rogen's Apple TV comedy
series about Hollywood executives. One episode is devoted to the studio
boss's desperation for someone to thank him on stage at the Golden
Globes – the jokey suggestion being that the film business isn't solely
about the bottom line. There's also the scene in which Catherine O'Hara's
character sums up her experience of running a studio. "The job makes you
stressed, and panicked, and miserable. But when it all comes together and
you make a good movie, it's good forever."

The Studio might see Hollywood through a rose-tinted lens, but if there
are still Hollywood executives who are willing to spend more than $130m
to make "a good movie", that's something to be pleased about. And maybe
One Battle After Another wasn't such a major gamble. If you produce a
cartoon, a superhero film or a video-game adaptation that flops – such as
Smurfs, The Flash or Borderlands – you can't console yourself by talking
about art and prestige. But if you put your money into a Paul Thomas
Anderson film then, whatever happens at the box office, you've still got a
Paul Thomas Anderson film. The chances are that you'll be proud of it. In
some ways, it's about as safe a bet as a studio executive can make.

--

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Common questions

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The financial underperformance of 'One Battle After Another' can be attributed to several factors. First, its substantial production and marketing costs, which require about $300 million to break even, make profitability challenging . Secondly, as a film with an R rating and an almost three-hour runtime, it does not appeal to the broad audiences that typically drive box office hits . Furthermore, the post-pandemic shift in audience preferences toward IP-based blockbusters and horror films over original cinematic experiences has affected its financial success . Lastly, although it holds strong critical acclaim and word-of-mouth praise, its categorization as an art house film with complex themes doesn't lend it the accessibility needed for blockbuster audiences .

The discrepancy between the critical acclaim and box office performance of 'One Battle After Another' can be explained by a few key factors. Despite its positive reviews praising the film's engaging content and artistic merit, its length, R rating, and art house nature limit its mainstream appeal . Furthermore, the audience's current tendency to favor streaming options and blockbuster franchises reduces the demand for more traditional cinema experiences . Additionally, high production and marketing costs require significant returns that are difficult to achieve for an original, non-franchise film .

'One Battle After Another' might influence future Warner Bros projects by affirming the studio's commitment to nurturing talent-driven cinema, which could attract other auteur filmmakers seeking studios that prioritize artistic vision alongside commercial interests . By supporting Anderson's project, Warner Bros reinforces its reputation for fostering creative freedom. This strategy may lead to collaborations with similarly esteemed directors, enhancing the studio's brand as a haven for innovative, high-quality films and potentially yielding profitable projects in the long run that balance artistic integrity with financial viability .

'One Battle After Another' may recoup its losses and be considered successful beyond current box office numbers through several avenues. The film is likely to see increased revenue from Oscar nominations, which often boost cinema attendance and media sales . Additionally, long-term profitability could arise from Blu-ray and streaming sales, as well as potential reissues . The film's acclaimed status ensures it will remain in demand for future viewership, which contributes to its enduring financial return, even if not initially evident in box office revenues .

'One Battle After Another' incorporates elements of traditional Hollywood filmmaking through its use of star power, with actors like Leonardo DiCaprio, and engaging action sequences, such as its acclaimed car chase scene . These elements are typically associated with mainstream commercial appeal. However, it maintains its art house essence with its director-driven narrative, focusing on deeply flawed characters and politically charged themes that reflect Anderson's unique style and artistic vision . It's this blend of widely appealing cinematic techniques with introspective storytelling that constitutes its hybrid nature.

The results of 'One Battle After Another' might impact future financial backing of original screenplays by influencing studios to reassess the financial risk versus the potential prestige and long-term benefits of investing in original works. Given its excessive budget and limited box office return, studios might become more cautious, favoring projects with demonstrated marketability or those that lend themselves to franchising . However, the film's critical success could also embolden risk-tolerant studios to pursue original projects that promise aesthetic recognition and enduring cultural impact, signaling a potential shift in balancing profit with prestige .

The critical success and potential award nominations of 'One Battle After Another' play a significant role in offsetting its financial losses by enhancing the film's long-term value and prestige. Award nominations can lead to renewed interest, increasing box office sales, and boosting post-theatrical revenues through media sales and streaming platforms . Additionally, having an award-winning film bolsters the studio's reputation, offering intangible benefits such as attracting top-tier talent and securing future projects, which can contribute positively to the studio's overall market position and revenues beyond immediate box office figures .

Warner Bros benefits strategically from backing 'One Battle After Another' by enhancing its reputation as a studio supportive of auteur filmmakers, which can attract high-caliber directors and prestigious projects in the future. This kind of investment in a critically acclaimed film helps the studio maintain artistic credibility and prestige within the industry . Additionally, by aligning with Paul Thomas Anderson, the studio bolsters its portfolio with a potential awards-season contender, which can have long-term benefits in terms of prestige and ancillary revenue streams, such as streaming rights and Blu-ray sales, even if initial box office returns are underwhelming .

An investment in an art house film like 'One Battle After Another' is considered safer than other types of potential box-office flops because of the prestige and artistic value it brings, which can offset financial losses . Unlike commercial films that rely solely on immediate box office success, art films can maintain long-term value through their critical acclaim, international festival successes, and awards recognition. Additionally, these films contribute to maintaining a studio's reputation for quality and artistic innovation, helping to attract top-tier talent and future projects that align with similar values .

The commercial outcome of 'One Battle After Another' suggests that post-pandemic audiences are gravitating towards content that offers either a familiar franchise structure or spectacle-driven experiences like blockbusters and horror films, which are more readily available and popular for in-cinema viewing . It indicates a preference shift towards easily digestible, high-adrenaline films that provide an escape, reflecting a change in how audiences allocate their entertainment time and resources, potentially influenced by the increased availability of home streaming options .

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