OVERLAY REPORT

The financial performance of *Birds of Prey (and the Fantabulous Emancipation of One Harley Quinn)* is often characterized as a "box-office disappointment" that likely found financial stability only after transitioning to digital and home media platforms. ### **1. Box Office Performance** The film's theatrical run was cut short by the onset of the COVID-19 pandemic in March 2020. Despite positive reviews (78% on Rotten Tomatoes), it struggled to attract the same massive audience as previous DC films. * **Domestic (North America):** $84.2 million * **International:** $121.3 million * **Worldwide Total:** **$205.5 million** **Context:** The film opened with $33 million domestically, significantly lower than the projected $50–$55 million. For comparison, the 2016 *Suicide Squad* (in which Harley Quinn debuted) opened to $133.7 million and grossed over $746 million worldwide. ### **2. Post-Theatrical Revenue (Breakdown)** Because theaters closed shortly after the film's release, Warner Bros. moved the film to "Premium Video on Demand" (PVOD) on March 24, 2020—just over a month after its theatrical debut—charging $19.99 for a 48-hour rental. * **Physical Home Video (Domestic):** As of late 2020, the film earned approximately **$31.2 million** in domestic DVD and Blu-ray sales. * **Blu-ray:** ~$18.9 million * **DVD:** ~$12.3 million * **Digital/VOD:** While Warner Bros. does not disclose exact digital rental totals, industry trackers reported the film consistently topped the Apple TV and FandangoNow charts for several weeks in early 2020. It was considered a "high performer" in the early pandemic VOD market. * **Streaming & Licensing:** The film debuted on **HBO Max** in August 2020. While no specific "licensing fee" is paid for internal studio streaming, its performance on the platform was cited as a driver for the greenlighting of the *Black Canary* spinoff (though that project was later delayed/shelved during studio restructuring). ### **3. Budget vs. Profitability** Determining the film's exact profitability is complex due to marketing costs and the shortened theatrical window. * **Production Budget:** Most reports place the production cost between **$82 million and $100 million**. * *Deadline* reported a gross cost of **$97 million**, which was reduced to a net of **$84.5 million** after California tax credits. * **Marketing/P&A:** Estimated at **$100–$125 million**. Marketing for major superhero films typically equals or exceeds the production budget. * **Break-Even Point:** According to *Variety* and other trade outlets, the film needed to gross between **$250 million and $300 million** worldwide to break even in its theatrical window alone. ### **Summary Comparison** | Metric | Figure | | :--- | :--- | | **Total Production Budget (Net)** | ~$84.5 million | | **Total Box Office Revenue** | $205.5 million | | **Theatrical Break-Even Point** | $250M – $300M | | **Est. Net Position** | **Theatrical Loss / Ancillary Break-Even** | **Conclusion:** On a purely theatrical basis, *Birds of Prey* was a loss for the studio, falling roughly $50–$100 million short of its break-even target. However, once the **$31M+ in physical sales** and significant **PVOD revenue** are factored in, most analysts believe the film eventually reached a "break-even" or slightly profitable status over the long term, though it remained the lowest-grossing entry in the DC Extended Universe (DCEU) at the time.