Nothing prepared Warner Bros. for when the Joker stopped laughing.
For a studio that once rode Joker (2019) to $1.1 billion and Oscar glory, its sequel, Folie à Deux, was supposed to be a coronation. Instead, it was a coronation of chaos. The kind that comes with a $200 million price tag and zero applause.
Now, in a rare post-mortem, Warner Bros. Motion Picture Group chiefs Michael De Luca and Pam Abdy have done the unthinkable in modern Hollywood: admitted they got it wrong. Publicly. On the record. In technicolor regret.
“We misread the room,” De Luca told The Hollywood Reporter. Translation? They skipped test screenings, over-trusted their gut, and let Todd Phillips hold the reins—hard.
From Genius to Giggle: How the Hype Collapsed
Let's rewind. Folie à Deux had all the makings of an auteurist fever dream. A musical sequel to a billion-dollar film. Lady Gaga. Venice premiere. What could go wrong?
Turns out, quite a lot.
Instead of industry buzz, early screenings sparked toxic word of mouth. The film's vibe—a psychotropic cabaret set inside Arkham Asylum—landed more like a parody of prestige than the real thing. And by the time audiences were invited to judge for themselves, they'd already heard the whispers: “It's weird.” “It's slow.” “It's not Joker.”
Box office numbers tanked accordingly. With a global haul of just $207 million against a reported $200 million budget, Folie à Deux wasn't just a misfire—it was a cautionary tale.
Déjà Vu in Dolby: This Isn't the First Time Hollywood Ignored the Signs
History echoes. Think The Matrix Resurrections—another Warner Bros. sequel greenlit on nostalgia fumes, released to tepid reviews and flat box office. Or Blade Runner 2049, a cinematic jewel that dazzled critics but failed to recoup its mega-budget due to misaligned audience expectations.
The pattern? Studios overestimate the power of brand recognition and underestimate the risk of alienating general audiences.
“Zaslav wasn't convinced,” De Luca admitted, referring to Warner Bros. Discovery CEO David Zaslav. And in hindsight, he was right.
Why This Admission Matters (And Why It's Rare)
In an industry addicted to spin, admitting failure is like seeing a studio exec cry—unnerving, but oddly humanizing.
De Luca and Abdy's honesty is refreshing, if belated. It signals a shift—perhaps temporary—away from auteur indulgence toward market recalibration. And ironically, their transparency may be the thing that saves them.
With Minecraft grossing $740 million in under three weeks and Ryan Coogler's Sinners opening strong, their box office slate is healing. But the scars from Folie à Deux remain visible.
“You can't ask someone in [Zaslav's] position to play Whack-a-Mole,” De Luca said. Maybe not—but audiences sure can.
So what's next?
Would you give Phillips another shot? Or let the Joker die laughing?
Sound off—because Hollywood's listening. (Finally.)
Warner Brothers seems to be forgetting the fortune they made off of Todd Phillips other films. I’m talking a few billion.
Phillips is a brilliant film maker.