What film professionals can learn from A24's business model

How a carefully balanced mix of creative risk-taking, financial discipline and audience-first thinking turned an indie studio into a cultural powerhouse.

This article is part of my ‘Big Ideas’ series, in which I explore the evolving landscape of the film industry. Each instalment combines data, research, and analysis to go deep on a trend, idea or case study to reshape the film business over the next decade.

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It is easy to think of A24 as the exception that proves the rule, a studio that somehow managed to turn strange, specific, often deeply personal films into box office hits, critical favourites and cultural phenomena.

But behind the mystique is something more grounded. They have made a set of repeatable, strategic choices.

I have taken a closer look to draw out ten principles that have shaped how A24 develops, funds, markets and distributes its films. Each one is rooted in how the company has adapted to the realities of the modern film business while still holding on to a strong creative identity.

Here are ten things A24 does well that film professionals might want to keep in mind:

1. Work with filmmakers who have something to say and say it their own way. Find creative people whose work feels fresh, personal and bold. Support them, especially if others think their ideas are too unusual or risky.

2. Keep the budget tight so you can keep control. Spending less gives you more freedom. With smaller budgets, you don’t have to answer to as many people and you can make bolder choices without a huge pressure to earn everything back straight away.

3. Make your marketing weird enough to remember. Try unusual or playful ideas that get people talking. A clever, low-cost campaign that fits the tone of your film can do more than a big advertising budget.

4. Start small and let the buzz build naturally. Opening in just a few cinemas at first can help a film find its audience. If people like it, they’ll tell others and the excitement will grow.

5. Tell real stories for people who don’t often see themselves on screen. Make films that speak honestly to groups that are usually overlooked. If you tell those stories with care and authenticity, people will notice and remember.

6. Line up streaming partners early so the money side is more secure. Working with streamers from the start can help cover costs before your film even reaches cinemas. That gives you more space to take creative risks.

7. Watch how films do at festivals before you jump in. Instead of guessing what might work, pay attention to the films that get strong reactions at festivals. If people connect with them there, they’re more likely to connect with them elsewhere too.

8. Sell international rights early to lower the pressure later. If you can get overseas buyers on board before filming, you can cover a good part of the budget upfront. That means less financial stress during production.

9. Listen to your audience and be ready to change plans. Things shift quickly. If cinemas close or viewer habits change, adjust your approach. Being flexible helps you stay in touch with your audience.

10. Build something that people want to be part of. Don’t just make films. Create a world around them that fans can enjoy, whether through podcasts, merchandise or a sense of community.

Let’s dig into each one a little deeper…

1. Work with filmmakers who have something to say and say it their own way

A hallmark of A24’s success is partnering with filmmakers who have singular artistic visions. From Ari Aster’s unsettling Hereditary and Midsommar to the Daniels’ daring Everything Everywhere All At Once, the studio prioritises directors whose storytelling breaks conventions.

This commitment includes filmmakers at the start of their careers. When Trey Edward Shults created Krisha with a tight budget raised largely via Kickstarter, A24 identified his emerging talent and offered him a two-picture deal. Barry Jenkins, whose career launched with the Oscar-winning Moonlight, was relatively unknown before A24 supported his intimate coming-of-age drama.

Alex Garland, director of Ex Machina said:

I work in a very dancing-between-the-raindrops type way. My films have very often made virtually no money or lost money and I’ve never had mainstream success. But they stick around somehow. I think I’ve maybe been tenacious. There are two places that have just flat-out supported the thing I tried to make and weren’t disappointed in what I handed over. One of them is A24.

A24 co-founder Daniel Katz described their strategy as seeking out "very cool films", even ones others dismiss as commercially risky.

Lesson to be learned - Find creative people whose work feels fresh, personal and bold. Support them, especially if others think their ideas are too unusual or risky.

2. Keep the budget tight so you can keep control

Despite their huge impact, A24 films tend to have surprisingly modest budgets. Moonlight cost $1.5 million and yet went on to gross $65 million worldwide. Hereditary was produced for around $10 million and earned over $83 million.

By keeping budgets low, they push creatives to be inventive in delivering their vision. Everything Everywhere All At Once producer Jonathan Wang said:

There’s that scene in Apollo 13 where they throw the tools they have on the table and are like, ‘That’s what they’ve got up there, we’ve got to bring them home.’ That’s how we approach filmmaking: ‘We have $14 million, we have all this stuff, how are we going to squeeze it in and make a thing? I do think that’s what leads to this emergent creativity that works for us.

This fiscal toughness distinguishes A24 from traditional studios. Indie film hero Kevin Smith specifically praised A24 for their frugal mindset, remarking they are "not over-spenders" and confirming that effective marketing and production value can be achieved without large budgets.

Lesson to be learned - Spending less gives you more freedom. With smaller budgets, you don’t have to answer to as many people and you can make bolder choices without a huge pressure to earn everything back straight away.

3. Make your marketing weird enough to remember

A24 consistently employs distinctive and unconventional marketing techniques to attract attention and generate audience conversation. Co-founder David Fenkel summed up their marketing ethos as:

Our filmmakers make amazing movies, so we have to do bold things to make them happen.

For Ex Machina, the company created a fake Tinder dating profile featuring the film’s AI character, ensuring viral attention at the SXSW Festival.