Where did all the mid-budget films go? Bring Back 90s Bangers!
As the SAG Strike brought Hollywood to a screeching halt, productions big and small have virtually disappeared. As smaller studios like A24 secure SAG Waivers to continue production, have you ever thought about "where did all of the mid-budget movies go?" Last year, according to the average cost to produce a major studio film, it hovered around a staggering $65 million, according to The Hollywood Reporter. Personally, I am still a fan of the black mid-budget 90s movies like Soul Food (1997), Boyz In The Hood (1991), and Waiting to Exhale (1995). All of these movies punched far above their weight in terms of cultural significance, but as of late, the mid-budget film faces more and more challenges that would have kept these 90s classics in development purgatory today.
Waiting to Exhale (1995) starring Loretta Devine, Whitney Houston, Angela Bassett, and Lela Rochan
Major studios like Disney, Warner Discovery, and Sony are usually the only ones who can afford to produce films of this size and magnitude. These industry giants have the resources, marketing power, and distribution networks to launch big-budget blockbusters that dominate the box office.
However, amidst the chaos of strikes and industry upheaval, studios like A24 have emerged as champions of character-driven feature films. A24 has gained recognition for its commitment to unique and artistically driven projects that often fall within the mid-budget range. These films may not have the astronomical budgets of superhero franchises, but they often possess a depth of storytelling and character development that resonates with audiences on a different level.
Actor Alex Wolff in A24's Hereditary
But what about the rest of the mid-budget films that don't have the A24 label? Many of them are now finding themselves in a precarious position. With the traditional theatrical landscape disrupted, these mid-budget movies are being forced to pivot towards alternative release strategies and in some cases, they aren’t even able to get made. Here are a few trends that have emerged:
Direct-to-Streaming: With the rise of streaming platforms like Netflix, Amazon Prime Video, and Hulu, many mid-budget films are finding a new home. Streaming services have recognized the appetite for diverse content, and they are actively acquiring or producing mid-budget movies to satisfy subscribers, grow retention, and support in-app upgrades for in-app premiums. These films might not have a cinematic release, but they can reach a global audience through digital platforms.
Limited Theatrical Releases: Some mid-budget movies are still getting a shot at the big screen, albeit in a limited capacity (source: IndieWire). Independent theaters and niche cinema chains are willing to showcase these films, often, as part of special events or film festivals. These limited releases provide a platform for filmmakers to connect with audiences who appreciate their work.
Hybrid Strategies: Studios are increasingly adopting hybrid strategies, where mid-budget films get a brief theatrical run followed by a quick transition to streaming platforms. This approach can help generate buzz and reviews in theaters before reaching a wider audience through streaming.
International Co-Productions: To mitigate risk, some studios are forming international co-productions. By sharing the financial burden with foreign partners, they can create mid-budget movies that have a broader appeal and potentially access multiple markets.
While the Hollywood landscape is undoubtedly changing, and the future remains uncertain, mid-budget movies are not vanishing altogether. Instead, they are adapting to the evolving industry, finding new digital avenues to connect with audiences, and continuing to tell diverse and engaging stories that also turn a profit, and resonate with the cultural taste and interest of the modern era. As the strike negotiations progress with SAG and Hollywood regains its footing with the ending WGA strike, it will be fascinating to see how mid-budget films carve out their place in this ever-shifting cinematic landscape and create the 90s magic that we were used to.