Overview of How A24 Keeps Making Hit Films
This episode of The Journal examines how A24 became the most successful independent film studio in Hollywood by combining unusual filmmaking, savvy social-media marketing, and a strong brand that young audiences actively seek out. The episode uses the surprise hit documentary about Elizabeth Holmes as a case study, then zooms out to explain how A24 turned a once-struggling indie model into a cultural and commercial powerhouse.
The Secretive Elizabeth Holmes Documentary
How the film was made
- The documentary was kept almost completely secret during production, known only to a tiny crew and a handful of A24 employees.
- The project originated when Elizabeth Holmes and her partner Billy Evans reached out to A24 about making a documentary.
- A24 initially passed, partly because it sounded like a controlled, self-serving project.
- The idea resurfaced after comedian Nathan Fielder and filmmaker Lance Oppenheim became involved.
- A small crew spent about 34 days filming Holmes, Evans, and their children in the weeks before Holmes went to prison.
Why it worked
- A24 treated secrecy itself as part of the marketing campaign.
- The studio first teased the film to the Telluride Film Festival without revealing what it was.
- A surprise premiere for about 650 people launched a wave of buzz right before release.
- The result was unusually strong box office performance for a documentary:
- $15.6 million opening weekend
- $19.5 million second weekend
- $45 million total so far at the time of recording
How A24 Built Its Brand
Founded with a different playbook
- A24 was founded in 2012 by Daniel Katz, David Finkel, and John Hodges.
- Its original strategy was to fill the gap left by a shrinking independent-film market.
- Instead of relying on traditional print ads and critic-driven prestige campaigns, A24 leaned early into social media marketing.
Why that was unusual
- In the early 2010s, Hollywood was dominated by franchises like Marvel and Fast & Furious.
- Independent films were losing market share and cultural attention.
- A24’s bet was that younger audiences could be reached online, and that film could feel “cool” again if marketed the right way.
What Makes A24 Movies Different
A recognizable style, but not a formula
- A24 became known for films that feel offbeat, stylish, and slightly unconventional.
- The studio took risks on emerging filmmakers and unusual concepts.
- Its films often feel like “twists on something you think you know.”
Examples of its success
- Moonlight — won Best Picture and became a defining A24 success
- The Witch, Hereditary, Midsommar — elevated horror films that were smart, stylish, and culturally sticky
- The studio also helped launch or strengthen the profiles of actors and directors who became closely associated with the brand
Brand Power and Business Value
More than just box office
- A24 has created something rare: a film studio that functions like a lifestyle brand.
- Fans often go to A24 movies because they are A24 movies.
- The brand has enough loyalty to support:
- merch sales
- soundtracks
- collectible products
- a broader cultural identity beyond the films themselves
Why this matters financially
- Because A24 is backed by private equity and venture capital, brand equity is a major asset.
- The company’s value is not just in film revenue, but in the strength and recognition of the A24 name.
Expansion Beyond Film
New business areas
- Television: including Euphoria and Beef
- Fashion: partnership with Dior
- Music-related ventures
- Theater: purchased an off-Broadway venue in New York
- International expansion: building a global presence, starting with the UK
Bigger ambition
- Unlike older indie studios that would typically get acquired by a major Hollywood company, A24 and its investors appear to be aiming for long-term independent growth and global scale.
Risks and Challenges Ahead
Can A24 stay “cool”?
- The episode suggests A24’s biggest challenge is maintaining its edge as it grows.
- Larger companies tend to become more corporate over time, and that can dilute the brand’s appeal.
Public backlash and missteps
- A24 faced criticism for a deal with Google to explore AI filmmaking tools.
- Fans accused the company of betraying artists, with online backlash branding it “AI24.”
- The company recovered, but the episode treats it as a warning sign that brand trust can be fragile.
Key Takeaways
- A24 succeeded by combining risk-taking creative choices with modern, online-first marketing.
- Its audience doesn’t just like its movies—they trust the brand.
- Secrecy, surprise, and cultural cachet are central to A24’s promotional strategy.
- The studio’s future depends on whether it can scale without losing the countercultural identity that made it successful in the first place.