Joker was a phenomenal box office success for Warner Bros., but the studio won’t be able to take all of the profits. It’s safe to say more than a few eyebrows were raised when it was initially announced WB was developing a standalone Joker origin movie entirely separate from the established DC Extended Universe. However, the film proved the skeptics wrong and became one of the biggest commercial hits of the year. Shattering records early on in its run, Joker is now the most successful R-rated movie of all-time and is on pace to hit the $1 billion mark before it bows out of theaters.

Not only is Joker one of the highest-grossing films of 2019, it’s also the most profitable comic book movie ever. Obviously, several titles in this genre are massive studio tentpoles, sporting lofty production budgets in the $150-200 million range. Joker, on the other hand, cost only $64 million. That was an intentional move on the part of WB, in an effort to dissuade director Todd Phillips from making the film. No doubt, the studio is probably happy Phillips went through with it, but WB executives won’t be thrilled about having to share the film’s massive profits.

Anyone who’s seen Joker knows it’s a stark departure from the traditional “comic book movie.” It plays more as a gritty arthouse drama than a typical blockbuster a la Avengers: Endgame. That aspect is what made Joker so unique, but Phillips’ approach made WB worry about the film’s commercial viability. As a result, they ended up splitting the costs of a mid-budget movie with other financiers, BRON Studios and Village Roadshow. Because of that, the three companies are going to share Joker’s profits between each other.

Going by the general rule of thumb, a film needs to double its production budget at the box office in order to make its money back (covering marketing and distribution costs). Using that formula, Joker would be clear after grossing a measly $128 million globally. As of this writing, Joker has earned about $993.8 million, so it’s turned approximately $865.8 million in profit from ticket sales (the film will earn even more money once it hits home media). It’s unknown what kind of arrangement WB, BRON, and Village Roadshow worked out, but if they’re to split the profits equally three ways, WB stands to receive around $288.6 million for their investment. Of course, the more Joker earns during the twilight of its run, the more that figure will be.

With the gift of hindsight, it’s easy to mock WB for costing themselves literally hundreds of millions of dollars, the byproduct of being (arguably) overly cautious with a movie based on one of pop culture’s most iconic villains. At the same time, their hesitancy is understandable, since something like Joker had never really been attempted before. Ultimately, the studio deserves credit for taking a big swing and hitting a home run. Joker was a risk, but it’s one that paid off handsomely… for multiple companies.

More: Mistakes DC Should Avoid After Joker’s Success

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