A24’s ‘Elden Ring’ Heads to the American Film Market as the Biggest Movie Ever Put on Sale at a Market

A24 built its brand on bold, director-driven films made on modest budgets. Its recent success stories include ‘Backrooms’, which was shot for just $10 million and went on to gross more than $197 million worldwide, a reminder of how far a smart small-budget bet can go.

That identity is about to be tested by the studio’s largest swing yet. Alex Garland’s live-action adaptation of FromSoftware’s dark fantasy hit has been in production for months, with Kit Connor leading a stacked cast and the film arriving in theaters in March 2028.

Now the project is taking a very different kind of stage. A24’s ‘Elden Ring‘ is heading to the American Film Market, where it will be the biggest-budget standalone project ever on sale at a film or TV market, according to an exclusive from Deadline.

Deadline’s sources put the budget between $175 million and $200 million, but closer to the latter. That figure takes the project beyond previous tentpoles that have hit markets, including the latest ‘Hunger Games’ installment.

The closest comparison is Mel Gibson’s upcoming ‘Resurrection of the Christ’ films, which carry a near-$200 million price tag, but across two movies. Deadline’s report adds that A24 is fully financing ‘Elden Ring’, and that a budget of this size would have required at least one studio partner. The outlet’s headline says Amazon has joined the film.

The numbers match earlier reporting. The Wall Street Journal recently put the budget at around $200 million before marketing, which would make ‘Elden Ring’ the most expensive film A24 has produced.

The studio’s previous record was reportedly about $70 million for ‘Marty Supreme’, so the new figure nearly triples it. Earlier reports had pegged the budget at closer to $100 million, which suggests the project has grown considerably.

Connor, best known from ‘Heartstopper’ and ‘Warfare’, is the protagonist, with the film described as a “faithful” adaptation that follows his journey. Plot details are largely being kept under wraps.

He leads a cast that includes Ben Whishaw, Cailee Spaeny, Tom Burke, Havana Rose Liu, Sonoya Mizuno, Jonathan Pryce, Ruby Cruz and Nick Offerman. Emma Laird, Jefferson Hall, John Hodgkinson and Peter Serafinowicz round out the announced ensemble.

Garland, the filmmaker behind ‘Ex Machina’, ‘Annihilation’ and ‘Civil War’, writes and directs. A24 is producing alongside DNA Films and Bandai Namco Entertainment, with George R.R. Martin, who provided worldbuilding for the game, serving as an executive producer.

The film is being shot for IMAX, a first for A24. Production kicked off in the spring across the United Kingdom, including Scotland, and was set to run for more than 100 days.

Bandai Namco and A24 announced the March 3, 2028 release date in April. A leaked set video later gave fans an early glimpse of the production, including a scene featuring the Dung Eater being pelted by an angry mob.

Connor’s career is on a steep upward trajectory. Deadline notes that he’s on course to have ‘Elden Ring’ and the next ‘X-Men’ movie, in which he’ll play Cyclops, both releasing in 2028.

That double bill could catapult him to the top tier of stardom, and it adds to the pressure surrounding the fantasy epic. Both projects arrive at a moment when video game adaptations have real mainstream momentum.

Video game films have a mixed track record, and a nearly $200 million budget plus marketing costs means the movie will need to do serious business to turn a profit. The source material gives it a strong foundation, with the 2022 game’s vast world, brutal bosses and mysterious lore a natural fit for a big-budget fantasy epic.

A24 has not said whether the film retells the game’s story or tells a new one in the same world. Whatever the answer, bringing the project to a market signals just how ambitious the studio has become.

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