Why Argylle Just Flopped

6. The RIDICULOUS Budget

2023 was truly a year of reckoning for over-budgeted blockbusters, given that even some of the highest-grossing tentpoles of the year didn't make enough money to actually turn a profit.

And while Argylle is probably going to struggle to crack even $100 million worldwide, that damage would've been mitigated if the film had anything close to a sensible budget.

Shortly before shooting started, Apple bought the rights to the film from Matthew Vaughn's production company Marv Studios for an eye-watering $200 million.

That's a big win for Vaughn, given that the production budget was substantially lower than that figure, but Apple? Not so much.

Using the typical 2.5x rule for blockbuster profitability, Argylle needed to crack $500 million worldwide to be in the black.

And though Apple's other recent big-budget flops Killers of the Flower Moon and Napoleon were created primarily for streaming, while also being notable awards players, Argylle was clearly positioned as a major theatrical release and so invites higher expectations.

That's likely why Apple and Universal reportedly spent $80 million on marketing alone, and yet, even if it performs well on Apple TV+ in the future, Argylle clearly won't have been worth their massive upfront investment.