A24

Overview

A24 is an independent film and television studio that produces and distributes auteur-driven cinema. Founded in 2012 by Daniel Katz, David Fenkel, and John Hodges, the company operates from New York City and has expanded into television, podcasting, and consumer products. A24's brand identity is strong enough that its logo on a poster functions as a quality signal for audiences who value original storytelling over franchise IP.

The company is valued at $3.5 billion following a 2024 funding round led by Josh Kushner's Thrive Capital, which invested $75 million at a $3.25 billion pre-money valuation. This represents a 40% increase from its 2022 valuation of $2.5 billion, when the company raised $225 million from existing investors. Total investment across both rounds exceeds $300 million.

A24's biggest commercial hit is Backrooms (2026), directed by 21-year-old Kane Parsons and produced for just $10 million. The film has grossed $364 million worldwide, making it A24's highest-grossing release by a wide margin. A24 is now pursuing a three-year first-look deal with Parsons worth an estimated $65 million, though Warner Bros. and NBCUniversal are also competing for his services.

History

Launch and Distribution Model (2012 to 2015)

A24 launched in 2012 with a distribution-first model, acquiring completed films for US theatrical release. The company's first release was A Glimpse Inside the Mind of Charles Swan III (2012). Spring Breakers (2013) established A24's identity as a distributor of provocative, visually distinctive cinema. Early acquisitions included The Bling Ring (2013), Under the Skin (2013), Locke (2013), and Ex Machina (2014).

Production Expansion and Awards Breakthrough (2015 to 2020)

The company expanded into production, financing films from development stage rather than competing purely on acquisition price. Moonlight (2016) won the Academy Award for Best Picture, the first A24 film to do so. Subsequent releases built the company's cultural footprint: Lady Bird (2017), The Florida Project (2017), Hereditary (2018, $82 million worldwide on a $10 million budget), Midsommar (2019), Uncut Gems (2019, $50 million worldwide), and Minari (2020).

Commercial Expansion and Everything Everywhere All at Once (2020 to 2024)

Everything Everywhere All at Once (2022) won 7 Academy Awards including Best Picture, Best Director, and Best Actress, and grossed $143 million worldwide on a $14.3 million budget. The same year, The Whale (2022) earned Brendan Fraser the Best Actor Oscar and grossed $54 million worldwide.

In 2022, A24 raised $225 million at a $2.5 billion valuation, expanding its production capacity and acquisition budget. The company's 2024 funding round led by Thrive Capital brought the valuation to $3.5 billion, with Josh Kushner joining the board of directors.

Current Slate and Backrooms (2025 to 2026)

A24's 2025 and 2026 releases include Materialists (2025, directed by Celine Song), Marty Supreme (2025, directed by Josh Safdie, starring Timothee Chalamet), The Smashing Machine (2025, starring Dwayne Johnson), Eddington (2025, directed by Ari Aster), and Backrooms (2026, $364 million worldwide).

At the 2026 Sundance Film Festival, A24 acquired The Invite (directed by Olivia Wilde, starring Seth Rogen and Edward Norton) for north of $12 million for domestic rights after a 72-hour bidding war. At Cannes 2026, A24 acquired Club Kid (directed by Jordan Firstman) for $17 million for worldwide rights, the first major sale of the festival.

Business Model

Acquisition and Development

A24 operates a dual model: acquiring completed films from festivals and developing projects from script stage. The company is known for offering filmmakers final cut and creative control in exchange for lower upfront budgets. This approach has attracted directors including Barry Jenkins, Greta Gerwig, Ari Aster, Robert Eggers, the Daniels, the Safdie brothers, and Celine Song.

Typical acquisition deals at A24 range from $2 million for domestic rights on smaller titles to $17 million for worldwide rights on competitive festival titles. The company's acquisition budget has expanded significantly following the Thrive Capital investment.

Revenue Diversification

A24 generates revenue beyond theatrical box office through:

• Merchandise and direct-to-consumer sales through its online store, which sells apparel, books, soundtracks, and collectibles
• Television production through A24 Television, which has produced Euphoria, Ramy, Beef, and Mo
• Podcast network producing original audio content
• International sales on titles where A24 holds worldwide rights

This diversified approach allows A24 to sustain film operations without depending solely on box office performance, which is important given that many of its releases have tight theatrical margins.

Filmmaker Retention Challenges

A24 has lost several major filmmakers to larger studios after their careers outgrew indie budgets. The Daniels signed with Universal Pictures after Everything Everywhere All at Once. Robert Eggers moved to Focus Features for The Northman and Nosferatu. The company is now attempting to retain Kane Parsons with its richest deal ever, though Warner Bros. and NBCUniversal are actively pursuing him.

What Filmmakers Should Know

How to Get A24's Attention

A24 does not accept unsolicited submissions. Projects reach the company through three primary channels:

1. Talent agency representation: CAA, WME, UTA, and ICM agents pitch projects directly to A24's development team
2. Festival premieres: Sundance, Cannes (Un Certain Regard and Directors' Fortnight), Venice (Horizons), and Toronto are A24's primary acquisition venues
3. Producer relationships: Established producers with prior A24 credits bring projects directly to the company

For filmmakers without representation, the most viable path is securing a festival premiere that generates critical buzz. A24's acquisitions team attends every major festival and monitors FilmFreeway submissions to regional festivals for emerging talent.

Budget Expectations

A24 typically funds films in the $2 million to $20 million range. Lower-budget acquisitions ($1 to $5 million MG) are common for festival pickups. Development deals for original productions generally start at $5 million and can reach $30 million for established directors. The company rarely funds productions above $30 million, though Backrooms demonstrated that low budgets can yield outsized returns.

Creative Control and Compensation

A24's standard approach offers filmmakers significant creative control, including final cut on most projects, in exchange for below-market upfront fees. Back-end participation is offered but structured conservatively. Filmmakers who prioritize artistic freedom over maximum compensation tend to align with A24's model. The company's willingness to greenlight unconventional projects that major studios pass on is its primary competitive advantage.

House Style & Genre Focus

A24's slate is built on auteur-driven cinema that blends genre with art house sensibility. The company is best known for elevated horror (Ari Aster's Hereditary and Midsommar, Robert Eggers' The Witch and The Lighthouse), but its output spans coming-of-age drama (Lady Bird, The Florida Project), existential science fiction (Ex Machina, Everything Everywhere All at Once), and intimate international cinema (Minari, The Zone of Interest).

The unifying thread is not a genre but a sensibility: films that take creative risks major studios will not, made by directors with a strong personal vision. A24's marketing reinforces this. The logo on a poster signals to audiences that they will see something original, provocative, and visually distinctive. This brand recognition is rare for an independent studio and is a competitive advantage A24 has cultivated deliberately since its launch.

A24 typically funds films in the $2 million to $20 million range, with most productions landing between $5 million and $15 million. The company rarely funds productions above $30 million, though Backrooms demonstrated that low budgets can yield outsized returns when paired with a strong concept and a filmmaker with an existing audience.

Notable Releases

Watch: Trailers & Behind the Scenes

See Also

For understanding how independent distribution models work, see Distribution Deals Explained. To model revenue projections for independent releases, use the Revenue Forecast Calculator. For budgeting films in A24's typical range, use the Indie Film Budget Calculator.