The highly anticipated sequel to the billion-dollar smash hit “Joker” has unexpectedly turned into a massive box office disappointment. “Joker: Folie à Deux,” the musical follow-up to 2019’s dark and gritty psychological thriller, has failed to capture the same magic, leaving industry insiders predicting staggering losses of $150 million to $200 million for Warner Bros.
The numbers tell a sobering story. The $200 million-budgeted “Folie à Deux” has only managed to earn $51.5 million domestically and $165 million globally after two weeks in theaters, which is significantly less than the $96.2 million domestic and $248.4 million global haul its predecessor enjoyed in its first three days.
“That’s a huge problem,” says one rival studio executive, speaking on the condition of anonymity. “At this rate, the film won’t get anywhere close to the $450 million needed to break even in its theatrical run.”
So, what went wrong? According to industry analysts, the decision to transform the Joker’s origin story into a full-fledged musical with song-and-dance numbers appears to have been a critical misstep, alienating the very fans who made the first “Joker” a runaway success.
“The first ‘Joker’ was a timely, fresh counterpoint to the dominant superhero narrative and tone, and it worked,” says movie consultant David A. Gross. “The filmmakers deserve credit for making more unconventional creative choices in ‘Folie,’ adding the romantic angle with Lady Gaga. But this time nothing worked.”
Indeed, the addition of the pop superstar as the Joker’s paramour, Harleen Quinzel, seemed to be a calculated move to draw in a broader audience. But instead of expanding the franchise’s appeal, the musical elements have seemingly turned off many of the core fans, who have made their disdain known through scathing reviews and a rare “D” grade on CinemaScore.
“Box office analysts believe that Phillips alienated the DC fan base by bringing song and dance numbers into the sequel, resulting in the cavernous difference in sales between the first and second ‘Joker’ entries,” the report states.
Just four years ago, this property became the highest-grossing R-rated movie of all time. Todd Phillips’ original “Joker,” starring Joaquin Phoenix in a career-defining performance, was a surprise critical and commercial juggernaut, raking in over $1 billion worldwide and earning two Academy Awards, including a Best Actor trophy for Phoenix.
But the decision to dramatically expand the scope and ambition of the follow-up has backfired spectacularly, leaving Warner Bros. facing the prospect of a staggering financial blow.
“Superheroes used to be able to guarantee some level of opening weekend grosses, but there’s no floor anymore,” the rival studio executive laments. “Tolerance for films that are ‘just OK’ doesn’t cut it anymore.”
It’s a sobering wake-up call for an industry that has long relied on the seemingly bulletproof appeal of comic book adaptations. As audiences become increasingly discerning and demanding, even the most established franchises are no longer immune to the harsh realities of the post-pandemic box office landscape.
For Warner Bros., the lessons of “Joker: Folie à Deux” will likely reverberate far beyond this one troubled production. The studio must now grapple with the harsh truth that even the mightiest of comic book icons are no longer a guaranteed ticket to success—and that risky creative experiments, no matter how ambitious, can come at a steep price.
As the industry continues to navigate the shifting sands of audience preferences and expectations, the cautionary tale of “Joker: Folie à Deux” stands as a stark reminder that even the most iconic characters are not immune to the fickle whims of the modern moviegoer. The only question now is whether Warner Bros. and the film’s creative team will heed those lessons or risk repeating history’s most resounding flops.