A24’s ‘Elden Ring’ Movie Just Became the Studio’s Priciest Gamble Yet
A24 built its reputation on modestly budgeted films, the kind of oddball, director-driven projects that turned a small studio into a cultural force. In the past, A24 films typically cost under $20 million. That identity has always been part of the studio’s appeal.
Over the last few years, though, the numbers have crept steadily upward. A24’s previous most expensive release was ‘Marty Supreme,’ with a budget of around $70 million, which surpassed the previous leader, ‘Civil War,’ at about $50 million. Each jump raised eyebrows, but nothing prepared fans for what came next.
On Oct 25, the account DiscussingFilm shared a post pointing to a new Wall Street Journal report on the studio’s most anticipated project. According to the report, the budget for the ‘Elden Ring’ movie is nearly $200 million. The post pulled in more than 118K likes and 2.9M views, a sign of how much attention the adaptation commands.
The figure comes with some caveats. The numbers aren’t final, according to sources who spoke to the outlet. The reported amount also doesn’t include marketing costs.
It also marks a dramatic climb from earlier reports. Earlier in the year, the reported figure was closer to $100 million, which was still A24’s biggest movie at the time. That means the cost is nearly double what was floated when cameras started rolling in April.
Put in perspective, the jump is staggering. The budget is nearly triple what A24 had ever spent on a single film before. One source told the Journal that the movie carries the budget of a Marvel film.
The ambition shows in the production itself. Alex Garland is writing and directing, and the film is scheduled to arrive in theaters in IMAX on March 3, 2028. The movie is expected to include around 100 days of principal photography.
The cast is just as stacked. Cailee Spaeny leads a lineup that includes Ben Whishaw and Nick Offerman, with Kit Connor, Tom Burke, Havana Rose Liu, Sonoya Mizuno, and Jonathan Pryce also on board. That roster suggests A24 wants both prestige and mainstream draw.
The source material gives the studio plenty of reason for confidence. The game has sold 30 million copies worldwide as of April 2025. It was also named Game of the Year at The Game Awards in 2022.
Still, the financial math is daunting. Using the usual rule of thumb that a film needs about 2.5 times its budget to break even, that would mean roughly $500 million worldwide just to get into the black. Only one A24 movie has ever gotten close to that number, ‘Backrooms,’ which reportedly cost just $10 million.
Where all that money is going remains a mystery. Set photos and videos from London have shown recreations of some iconic locations, and it’s unclear why the budget is so high, though practical sets may be a factor. Whatever the reason, A24 is clearly swinging for the fences.
Whether ‘Elden Ring’ becomes the studio’s crowning achievement or its costliest lesson, one thing is certain. The indie darling that once thrived on small bets is now playing the blockbuster game, and the entire industry will be watching in 2028.
