The first Joker movie made over $1 billion worldwide and scored Joaquin Phoenix an Academy Award for Best Actor. Getting the ball rolling on a sequel was the obvious move, but unfortunately, Joker: Folie à Deux is bombing at the box office, and Variety reports it could lose the studio at least $150 million to $200 million.

While Joker was produced for just $60 million, the sequel pushed that budget up to $200 million, plus $100 million in marketing and distribution costs. In order to break even, the sequel reportedly has to get to $450 million worldwide (although sources at the studio say the number is $375 million). It’s unlikely that Joker: Folie à Deux will reach either of those goals. The film has grossed $165 million after nearly two weeks of release, while the original film earned $248.4 million after just three days. Not looking good.

However, Warner Bros. isn’t about to admit to anything at this point. “Any estimates suggested by anonymous ‘insiders’ or ‘rival executives’ are grossly wrong and continues a trend where rumor is reported as fact.” a Warner Bros. spokesperson said in a statement. “The film continues to play in theatrical release, included with this week’s opening in China, and will continue to earn revenue throughout its home viewing and ancillary run.“

Many fans of the first movie felt alienated by the sequel. “The first ‘Joker’ was a timely, fresh counterpoint to the dominant superhero narrative and tone, and it worked,” said David A. Gross of movie consulting firm Franchise Entertainment Research. “The filmmakers deserve credit for making more unconventional creative choices in ‘Folie,’ adding the romantic angle with Lady Gaga. But this time nothing worked.“

Our own Chris Bumbray wasn’t a fan of the sequel, feeling that it only exists because the first movie made a boatload of money. “Perhaps Joker was too big of a hit not to get a sequel, but watching Joker: Folie à Deux, you get the distinct feeling that this was an exercise in style for Phillips rather than a sequel that HAD to be made,” Bumbray wrote. “As it is, though, this Joker sequel spins its wheels and winds up being an often dull courtroom movie livened up by occasional flights of fancy into musical numbers. Those sequences are the best in the film, as without them, this would feel like a wholly unnecessary epilogue to what was originally a pretty powerful film.” You can check out the rest of Bumbray’s review right here, and be sure to let us know what you think of the film as well.

Joker: Folie à Deux will be released on 4K Ultra HD/Blu-ray on December 17th.

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