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When Paul Thomas Anderson’s previous film, “Licorice Pizza,” was released by MGM and United Artists Releasing in 2021, it was seen as a significant investment in an auteur director without a strong box office history. Produced on a budget of $40 million, the film earned only $34 million worldwide, with $17.3 million coming from domestic sales.

However, for Anderson’s latest project, “One Battle After Another,” he is now commanding a budget that is significantly higher than any he has previously worked with. While a report in Variety estimated the budget at $115 million, IndieWire has confirmed it to be $130 million. This amount exceeds the total box office gross of any of his past films. Once again, Mike De Luca and Pam Abdy are leading the project, this time at Warner Bros., providing Anderson with substantial resources.

This shift in narrative comes after De Luca and Abdy faced a series of costly flops, including the “Joker” sequel, while also preparing for another expensive project, Ryan Coogler’s “Sinners.” The success of “Sinners” and other recent hits like “Final Destination: Bloodlines,” “Weapons,” “The Conjuring: Last Rites,” and “Superman” has given the studio confidence in Anderson’s potential.

Despite this, questions remain about the financial viability of “One Battle After Another.” Anderson’s most successful film, “There Will Be Blood,” grossed $76.9 million worldwide, which is just over half of the new film’s budget. Only “Phantom Thread” has surpassed $50 million in global earnings, reaching $52.2 million, while “Magnolia” and “Boogie Nights” earned $48 million and $43 million, respectively. “Licorice Pizza” ranks fifth with its $34 million total.

The last time Anderson collaborated with Warner Bros. Pictures was for “Inherent Vice,” which was his lowest-grossing film, earning only $14.8 million worldwide. Interestingly, “One Battle After Another” is inspired by a Thomas Pynchon novel rather than being a direct adaptation.

What distinguishes “One Battle After Another” is the scale of its release. Unlike his previous films, which typically received limited releases, Warner Bros. is positioning this film as a major commercial property with a wide release strategy. Anderson has opted out of film festivals, preferring a broader audience reach.

In terms of opening day results, “One Battle After Another” will likely be compared differently than his past works. His previous films have rarely been shown in more than 2,000 theaters, with “Licorice Pizza” being the closest at just under that number. This new film is expected to exceed that.

Moreover, “One Battle After Another” is unique in that it is set in the 21st century and features a relentless action style. The substantial budget of $130 million is evident in the film’s elaborate riot scenes and chase sequences. With Leonardo DiCaprio starring, Anderson benefits from having a high-profile actor, which could enhance its box office appeal.

Warner Bros. is also employing a successful strategy similar to that used for “Sinners,” by releasing “One Battle After Another” in various formats and premium offerings, while promoting the film’s value. Anderson has not previously had the opportunity for an IMAX release, which could further attract audiences. Overall, Warner Bros. is betting that this film will be a must-see in theaters.

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