A24's Elden Ring Movie Reportedly Costs Nearly $200 Million

Alex Garland’s Elden Ring adaptation now carries a budget of nearly $200 million, according to The Wall Street Journal, as cited by Output Lag and World of Reel. The figure would make it A24’s most expensive film by a wide margin. A24 has not commented.

The number, if accurate, places a film from a studio known for independent and mid-budget work among the more expensive productions in the current market. It also arrives as the adaptation of one of the best-known video games of recent years approaches its 2028 release, and it changes the way the project is likely to be judged once it reaches theaters.

What the Journal Reported

The Journal’s report relies on unnamed sources, per Output Lag. When filming began in April, the budget was reported as “well over” $100 million, and World of Reel described it at the time as A24’s most expensive production.

Two points follow from that. The first is that the figure has not been confirmed by the studio, which declined to comment, and reports based on anonymous sources can differ from final numbers. The second is that the budget has apparently risen since spring, with the earlier description of a nine-figure film now giving way to one near the $200 million mark. The new figure would nearly double the number cited when filming began, which shows how far the estimate has moved in a matter of months.

Setting the Number Against A24’s Past Spending

The previous A24 record was Marty Supreme at a reported $70 million, followed by Garland’s Civil War at about $50 million, according to World of Reel. Using a common rule of thumb that a film needs about 2.5 times its budget to break even, World of Reel estimates Elden Ring would need roughly $500 million worldwide.

A24 was founded in 2012 and built its reputation on distinctive, director-driven films such as Moonlight and Everything Everywhere All at Once, both of which won the Oscar for best picture. Its budgets have historically been modest compared with those of the major studios, which makes a production approaching $200 million a different kind of commitment. Garland's own Civil War was the studio's largest effort before this one, and the comparison to that film shows how large a step this represents even within his career with the company.

The break-even estimate is a general guide rather than a precise calculation. The share of ticket sales that studios keep, the cost of marketing and the revenue from later streaming and home viewing all affect whether a film makes money. Still, a figure of roughly $500 million places the film in a tier of box office performance reached by only a small number of releases in a given year, and it sets a demanding bar for a movie based on a game with a mature, challenging reputation.

Why the Source Material Draws Big Money

Elden Ring was developed by FromSoftware and released in 2022, with world-building contributed by novelist George R.R. Martin, who is a producer on the film. The game earned wide critical praise and a large audience for its sprawling open world and demanding combat. That popularity helps explain the investment: a recognizable title with a global following gives a studio a ready audience, and the involvement of Martin, the author of the novels behind Game of Thrones, adds a second well-known name. His role as producer connects the film to the same creative thread that shaped the game's lore, and it gives the studio a recognizable figure to feature in its marketing.

On Set in Scotland and North Wales

IGN reported that the film has wrapped filming. Principal photography began in April in the UK, including Scotland and North Wales, per Wikipedia, with a planned shoot of about 100 days.

The choice of locations fits the material. Scotland and North Wales offer rugged landscapes, ruins and mountain scenery that suit a story built around a fallen fantasy world, and shooting in real settings can reduce the need for digital environments, though it does not remove the cost of a large production. A planned shoot of around 100 days is a substantial schedule, and the news that the film has wrapped means the production has moved into post-production, where visual effects and editing will account for much of the remaining expense.

A Large Cast for a Large World

Elden Ring stars Kit Connor, Cailee Spaeny, Ben Whishaw, Nick Offerman and Jonathan Pryce, with Tom Burke, Havana Rose Liu, Sonoya Mizuno, Emma Laird, Ruby Cruz, John Hodgkinson, Jefferson Hall and Peter Serafinowicz also in the cast. Garland writes and directs, and George R.R. Martin is a producer. A24 opens the film in theaters, including IMAX, on March 3, 2028.

The lineup mixes performers known for television, major studio films and prestige dramas, and the number of names suggests a story with many characters moving through its world. Garland has worked with some of the cast before, including Cailee Spaeny on Civil War and Sonoya Mizuno on Ex Machina, and his record also includes Ex Machina, Annihilation and Civil War, films noted for their visual ambition and unsettling tone. The IMAX release signals that the studio intends the film as a large-screen event, and the early March 2028 date leaves well over a year between the end of filming and the film's opening, a long runway that is common for productions with extensive visual effects and post-production work.

What the Budget Means for the Release

The reported cost raises the stakes for the film's performance. A production of this size will rely on international audiences, strong word of mouth and premium formats such as IMAX to approach the break-even level estimated by World of Reel. Whether it reaches that point will not be known until after its March 3, 2028 opening, and until then the budget figure remains a report based on anonymous sources rather than a studio statement.

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