A24 is taking Alex Garland’s “Elden Ring” to the American Film Market this month with a reported budget of $175 million to $200 million, the largest in the studio’s history, and Amazon MGM Studios has already secured a major slice of international streaming rights.
Amazon struck a pay-1 deal covering a large number of territories before the market opens, according to trade reports. The rights give Amazon the first subscription-streaming window after the film’s theatrical and premium on-demand runs. In the US, the film is slated to land on HBO Max under A24’s existing output arrangement. A24 is financing the production itself and will host a presentation in Los Angeles during the Nov. 10-15 market. The film remains in post-production, so buyers should not expect footage.
Garland wrote and directed the adaptation of FromSoftware’s 2022 fantasy role-playing game, which has sold more than 30 million copies. Kit Connor leads a cast that includes Ben Whishaw, Cailee Spaeny, Tom Burke, Havana Rose Liu, Sonoya Mizuno, Jonathan Pryce, Ruby Cruz and Nick Offerman. Spaeny reunites with the filmmaker for the third time after “Devs” and “Civil War.” The film was shot for IMAX and opens in theaters March 3, 2028.
Production ran about 100 days across the UK, including castles and quarries in North Wales, and into Scotland and Iceland. Industrial Light & Magic handles visual effects. The script reportedly runs 180 pages.
The budget dwarfs A24’s previous high, around $70 million for “Marty Supreme.” Garland’s “Civil War” cost about $50 million. Analysts rely on a rule of thumb that a film needs roughly 2.5 times its cost to break even, which would put “Elden Ring” near $500 million worldwide.
Not everyone sees a sure thing. Critics of the project have questioned how a story built on player freedom, punishing combat and fragmented lore can translate to a single narrative. TechRadar’s gaming staff stayed on the fence when Garland’s involvement was announced, and called the game’s scale a hurdle. George R.R. Martin, who built the game’s mythology, has welcomed the project and praised both the studio and the director. A24’s recent run offers some cushion. The studio has a documentary hit in theaters with “You Can See Everything” and critical praise for “Primetime,” a Venice premiere starring Robert Pattinson.
