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Following the recent success of Damien Leone’s Terrifier 3, which has already grossed well over $63 million worldwide, and the recent failure of Joker: Folie à Deux, which is poised to lose $150-$200 million due to its underwhelming reception, it raises the question: Does a high budget translate to high success? The short answer is no, at least as far as profits are concerned.
A new study by casino experts at Play USA has uncovered the top ten most profitable movies over the last ten years, based on their box office revenue minus production budgets. A median production budget was set at $25,000,000, with movies on either side deemed ‘high’ or ‘low’ budget, aiming to determine whether high-budget films still generate big profits for studios.
The Gallows (2015) is the most profitable movie of the last ten years, grossing $41,656,474 worldwide, with a production budget of $100,000, resulting in a profit margin of 41,556%.
Minimalistic production, utilizing a found-footage horror style that capitalized on low production costs, contributed to The Gallows' financial triumph, despite mixed critical reviews. The film’s highly effective "guerrilla" marketing campaign, which featured real-life scare tests with influencers, whose reactions were shared across multiple platforms, resulted in 4.84 million video views across seven social media platforms, helping to propel the film into the public eye and generate massive amounts of hype.
Placing second is Skinamarink (2023), grossing $2,131,183 worldwide, with a production budget of $15,000, resulting in a profit margin of 14,108%.
Skinamarink’s success can be attributed to the social media buzz surrounding the film following a pirated copy being leaked prior to its full release. People on TikTok described the film as ‘traumatizing’ and ‘the scariest film ever,’ which helped promote the film to a niche audience.
The film uses dreamlike visuals and suggestion rather than outright jump scares to make the audience feel unsettled, with many shots consisting of unconventional viewpoints and angles, as told through the eyes of two children, whose limited understanding of the world creates a distorted lens while a lurking presence preys on them.
Searching (2018) ranks third, grossing $75,636,047 worldwide, with a production budget of $880,000, resulting in a profit margin of 8,495%.
This unique thriller, which tells a story about a father’s search online for his missing daughter, was filmed entirely through digital interfaces and computer screens, ensuring that production costs were kept to a minimum. The story’s themes, covering relatable topics such as technology and social media, helped resonate with its audience and contributed to its success.
The Wretched (2020) places fourth, grossing $4,594,221 worldwide, with a production budget of $66,000, resulting in a profit margin of 6,861%.
The Wretched’s healthy profit margin came as a result of clever timing, being released during the Covid-19 pandemic, making the film a critical success at drive-in movie theaters throughout the US due to it being one of the few new releases available to view during that period. The film’s blend of supernatural elements and folklore offered audiences a much-needed escape from reality during that time.
In fifth place is Unfriended (2015), grossing $64,364,198 worldwide, with a production budget of $1,000,000, resulting in a profit margin of 6,336%.
The film’s novel concept, telling a story of cyberbullying and depicting the dangers of online anonymity, capitalized on the growing trend of ‘screenlife’ films at the time. Much like Searching, the film was largely shot on digital screens, positioning itself for success with a low production budget.
In sixth place is Terrifier 2 (2022), grossing $15,702,292 worldwide, with a production budget of $250,000, resulting in a profit margin of 6,181%.
Damien Leone’s Terrifier 2 became a huge hit amongst die-hard horror film fans with its over-the-top gore and themes of brutal violence. The film’s antagonist, Art the Clown, really pushed the film into the public eye, becoming a modern horror icon overnight, hearkening back to classic slasher films such as A Nightmare on Elm Street and Friday the 13th featuring legendary characters Freddy Krueger and Jason Voorhees. Due to its simple but effective cinematography and iconic brutal scenes, Terrifier 2 became an instant cult classic and was able to make a huge impression on a tiny budget.
Placing seventh is Twenty-Two (2017), grossing $25,733,825 worldwide, with a production budget of $425,000, resulting in a profit margin of 5,955%.
This Chinese documentary about the survivors of wartime atrocities was driven by its powerful subject matter and widespread emotional appeal, particularly in China. The film’s success shows that documentaries, when dealing with deeply resonant and historically significant topics, can attract substantial audiences without the need for high production costs.
His Only Son (2023) ranks eighth, grossing $13,506,715 worldwide, with a production budget of $250,000, resulting in a profit margin of 5,303%.
The success of His Only Son highlights how the biblical genre often performs well regardless of budget due to its dedicated and reliable audience, with filmmakers able to tap into a community that supports projects reinforcing their values and beliefs.
In ninth place is Get Out (2017), grossing $252,297,405 worldwide, with a production budget of $5,000,000, resulting in a profit margin of 4,946%.
Get Out was a tremendous success, grossing more money than any film on this list, and became somewhat of a cultural phenomenon due to its themes of race, identity, and societal fears, which opened wider cultural conversations, especially in America. The film proved that portraying a poignant social commentary can transcend the need for a high production budget.
In tenth place is Moonlight (2016), grossing $64,895,106 worldwide, with a production budget of $1,500,000, resulting in a profit margin of 4,226%.
Moonlight’s intimate portrayal of identity, race, and sexuality won widespread critical acclaim, culminating in achieving an Academy Award for Best Picture. Its emotionally powerful storytelling, combined with strong performances and a focused marketing push during awards season, helped it achieve significant box office success despite its relatively low production budget.
Most Profitable Movies of the Last Ten Years
Kim Yuhl, General Manager of Play USA, commented on the study:
“These films demonstrate how creativity, niche targeting, and effective marketing can result in massive returns, even with minimal budgets. Whether through viral marketing, innovative formats, or tapping into underrepresented stories and audiences, these low-budget films leveraged their strengths to become highly profitable.”
Methodology
A List of all films with a theatrical release over the last 10 years was retrieved from the-numbers.com for the respective years (32761 films).
The information for each film was then retrieved from each individual page.
The films that had both the Worldwide Box Office and the Production Budget available were included in the summary table (1277 films).
The total profit and profit margin were then calculated for each film from the retrieved data. The profit margin was used to rank the movies individually from highest margin to lowest.
To determine if a high budget translates to a high profit margin, each movie was categorized into 'High' or 'Low' budget based on the median production budget of the included movies. Movies that have a production budget higher than the median were designated as 'High' budget, and those with a budget equal to or lower than the median were designated as 'Low' budget.
The Average Production Budget and Average Profit Margin were then calculated for High and Low profit films.
From this data it can be inferred that Low budget films return higher profit relative to their production costs when compared to High budget films.
Source: https://www.the-numbers.com
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