A24's Elden Ring film budget nears $200 million, tripling previous record

A24's live-action adaptation of Elden Ring is reportedly set to cost nearly $200 million, a figure that would make it the most expensive film in the studio's history. According to a report from the Wall Street Journal, the budget represents a significant increase from earlier estimates in April, which placed the cost at just over $100 million. The film, directed by Alex Garland, is scheduled for release in 2028 and marks the studio's first major venture into adapting a video game.

The reported budget places the project in the same financial tier as major Marvel productions, such as Spider-Man: No Way Home and Jurassic World Rebirth. This expenditure is nearly three times higher than A24's previous record-holder, Marty Supreme, which reportedly cost around $70 million. Prior to that, Alex Garland's Civil War had a budget of approximately $50 million. The jump in spending highlights a strategic shift for the studio, which has traditionally been known for producing critically acclaimed films on more modest budgets over the last 14 years.

Background

The Elden Ring film was announced last year, with Alex Garland confirmed as both writer and director. Garland is known for directing Ex Machina and Civil War. The project is based on the 2022 role-playing game developed by FromSoftware and featuring lore by George R.R. Martin. Production is being shot for IMAX, and the film has attracted a high-profile cast including Kit Connor, Cailee Spaeny, Nick Offerman, and Havana Rose Liu. Early production images have shown detailed recreations of sets from the source material.

A24 has experienced significant commercial success in recent years, with its 2026 release Backrooms becoming a dark horse hit that grossed over $200 million despite a production cost of only $10 million. The studio also saw success with You Can See Everything, an experimental documentary that defied box office expectations. Julie Huntsinger, director of the Telluride Film Festival, described A24 to the Wall Street Journal as a "Goldilocks company," noting that it has the right number of people doing the right amount of things. The Wall Street Journal's report focused heavily on A24's growing influence in Hollywood and the competitors now seeking to replicate its success.

Why it matters

The $200 million budget signals that A24 is betting heavily on the film's commercial performance, a risk that is relatively untested for this type of dark fantasy adaptation. While video game movies like Minecraft and Super Mario Bros. have achieved massive box office returns, they are generally family-friendly. The Elden Ring film, with its foreboding landscape and complex lore, faces a different market challenge. The studio's previous strategy relied on leveraging critical acclaim and modest budgets to achieve profitability, as seen with Marty Supreme, which more than doubled its investment. The scale of this production suggests a departure from that model, aiming for blockbuster status rather than arthouse prestige alone. The film's success will likely determine the future of A24's expansion into cross-media adaptations, including a currently announced but unscheduled film based on Death Stranding.

What happens next

The film is currently in production and is due in cinemas on 3 March 2028. No further official updates regarding the film's development have been released recently, but the confirmed budget and release date provide a clear timeline for its upcoming debut.