Last year, documents filed by the Superman production team with the Ohio government seeking incentives listed the gross budget of the highly anticipated July film as $363.8 million. When that number was reported, director James Gunn — who also runs DC Studios — lambasted the article. "How in the world do they think they know what our budget is?" he wrote on social media. In recent days, DC suggested the budget is a net $225 million after incentives and tax breaks.
Yet one longtime financier says the $363 million figure isn't incorrect. And sources say DC and its parent could spend as much as $200 million on the global marketing campaign, compared with the usual $150 million for an all-audience summer tentpole. It wouldn't be a surprise, since Superman kicks off the Gunn era and needs to work at the box office. Either way, between the production budget and marketing, it's certain to land in the $400 million club.
According to a veteran studio source, Superman, which opens July 11 in North America, is exploding on social media, with the first full trailer raking in 250 million-plus views, the most in Warners/DC history. Based on such metrics, a domestic debt of $175 million or thereabouts is within the realm of possibility; it even has a shot at finishing with $1 billion-plus globally. "There's no way to defend these budgets, because when you get into the $700 million to $900 million break-even point in regards to box office and ancillary revenue, it doesn't make any sense," says a veteran financier.