Waves

Production Budget Analysis

What was the production budget for Waves?

Directed by Trey Edward Shults, with Kelvin Harrison Jr., Taylor Russell, Renée Elise Goldsberry leading the cast, Waves was produced by A24 with a confirmed budget of $6,000,000, placing it in the micro-budget category for romance films.

At $6,000,000, Waves was produced on a modest budget. Lower-budget films benefit from reduced break-even thresholds, with profitability achievable at approximately $15,000,000.

Budget Comparison — Similar Productions

• The Godfather (1972): Budget $6,000,000 | Gross $245,066,411 → ROI: 3984% • Chinatown (1974): Budget $6,000,000 | Gross $30,000,000 → ROI: 400% • The Father (2020): Budget $6,000,000 | Gross $21,029,340 → ROI: 250% • I Swear (2025): Budget $6,000,000 | Gross $8,682,832 → ROI: 45% • Marcel the Shell with Shoes On (2022): Budget $6,000,000 | Gross $6,909,209 → ROI: 15%

Key Budget Allocation Categories

▸ Lead Cast Compensation Romantic films depend entirely on the chemistry and appeal of their leads, making star casting decisions the most consequential budget item.

▸ Location Filming Picturesque, often international locations are central to the romantic genre's visual appeal.

▸ Music Supervision & Soundtrack Iconic songs can cost $250,000–500,000 to license per use, and a well-curated soundtrack is often as important to marketing as the trailer itself.

Key Production Personnel

CAST: Kelvin Harrison Jr., Taylor Russell, Renée Elise Goldsberry, Sterling K. Brown, Lucas Hedges Key roles: Kelvin Harrison Jr. as Tyler; Taylor Russell as Emily; Renée Elise Goldsberry as Catharine; Sterling K. Brown as Ronald

DIRECTOR: Trey Edward Shults CINEMATOGRAPHY: Drew Daniels MUSIC: Trent Reznor, Atticus Ross EDITING: Isaac Hagy, Trey Edward Shults PRODUCTION: A24, Bron Studios, JW Films, Guy Grand Productions FILMED IN: Canada, United States of America

Box Office Performance

Waves earned $1,658,790 domestically and $918,200 internationally, for a worldwide total of $2,576,990. The film skewed heavily domestic (64%), suggesting strong North American appeal.

Break-Even Analysis

Using the industry-standard 2.5x multiplier (P&A + exhibitor shares of 40–50% + distribution fees), Waves needed approximately $15,000,000 to break even. The film fell $12,423,010 short in theatrical revenue. Ancillary streams (home media, streaming, TV) may have bridged the gap.

Return on Investment (ROI)

Revenue: $2,576,990 Budget: $6,000,000 Net: $-3,423,010 ROI: -57.1%

Profitability Assessment

VERDICT: Unprofitable (Theatrical)

Waves earned $2,576,990 against a $6,000,000 budget (-57% ROI), falling short of theatrical profitability. Ancillary revenue may have reduced the deficit.

INDUSTRY IMPACT

The underperformance may have increased risk aversion around micro-budget romance productions.

PRODUCTION NOTES

▸ Casting

In July 2018, it was announced that Lucas Hedges, Sterling K. Brown, Kelvin Harrison Jr., and Taylor Russell had joined the cast of the film. In August 2018, Alexa Demie joined the cast.

▸ Production

Kevin Turen and James Wilson served as producers on the film, with A24 producing and distributing and with Trey Edward Shults directing, producing, from a screenplay he wrote.

According to Adam White of The Independent, Shults did not envision a specific racial ethnicity for the family when he wrote the script, and it was only after black actors were cast that references to the characters' race were added to the story. Sterling K. Brown told Variety, "I've never seen a middle to upper middle class black family dealing with the problems that [the family] has in this movie".

Shults' envision for the film only came together after forming a close relationship with Kelvin Harrison Jr. who plays Tyler. This allowed Harrison Jr. to have creative input on the film, hiring a close friend Taylor Russell to play the role of his little sister Emily.

Russell stated in an interview with Variety, that Harrison had a lot of help in getting her the role . Even admitting to breaking the "rules", as Harrison himself had sent Russell the script in secret weeks before auditioning, going off his belief that him and Russell would play great siblings.

Alexa Demie who plays Alexis, was cast later on in the film. Recalling in an interview how she had met Harrison weeks before production, and heard about the film directly from him a few days later.

▸ Filming & Locations

Principal photography began on July 9, 2018, in Broward County, Florida and Key Biscayne, Florida. Some filming was done in Hollywood, Florida.

Demie suggested a scene where Alexis and Emily meet in a restroom, with the scene implying a change of focus from one woman to the other. Lauren McCarthy of Nylon stated that the film had a "collaborative nature" style.

Demie stated that the filming of the initial driving scene made it seem like a film crew was not present.

[Filming] Principal photography began on July 9, 2018, in Broward County, Florida and Key Biscayne, Florida. Some filming was done in Hollywood, Florida.

Demie suggested a scene where Alexis and Emily meet in a restroom, with the scene implying a change of focus from one woman to the other. Lauren McCarthy of Nylon stated that the film had a "collaborative nature" style.

Demie stated that the filming of the initial driving scene made it seem like a film crew was not present.

▸ Music & Score

Trent Reznor and Atticus Ross composed the film's score, replacing Shults' frequent collaboration with Brian McOmber. In an interview, Shults stated, "I got one of the coolest e-mails of my life one day that Trent Reznor was a fan and wanted to meet. I got on a plane as soon as I could and went to L.A. and met him and Atticus for lunch. Instantly, the energy was great. They had seen and dug my other movies and just wanted to work together." The score was released on November 26, 2019, on Nine Inch Nails' online store.

The film's soundtrack features a compilation of contemporary rap, R&B, alternative, and experimental pop music from artists including Animal Collective, Tame Impala, Frank Ocean, A$AP Rocky, Kendrick Lamar, The Shoes, H.E.R., Tyler, the Creator, Fuck Buttons, Amy Winehouse, Kanye West, THEY., Kid Cudi, Colin Stetson, SZA, Chance the Rapper, Radiohead, and Alabama Shakes. The full list of songs used in the film was made available on A24's website, in an article where Shults annotates the usage of the songs.

Shults wrote specific music cues into the screenplay such as Lamar's "Backseat Freestyle" and embedded files into the scripts sent to actors so they could listen to the intended songs for each scene. He shot the film having not yet acquired the rights to certain songs and agreed to cut scenes if negotiations failed, than reshoot. A letter and rough cut of the film was sent to Ocean, who cleared his songs for use after watching. Negotiations with West stretched over months before "I Am a God" was approved with a stipulation that a "clean" version would need to be featured due to West moving away from secular music.

AWARDS & RECOGNITION

Summary: 14 wins & 42 nominations total

Awards Won: ★ National Board of Review: Top Ten Films

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CRITICAL RECEPTION

On review aggregator Rotten Tomatoes, the film holds an approval rating of based on reviews, with an average rating of . The site's consensus reads: "An up-close look at one family's emotional ups and downs, Waves captures complicated dynamics with tenderness and grace." On Metacritic, the film has a weighted average score of 80 out of 100, based on 45 critics, indicating "generally favorable reviews".

Shults' direction and the performances of Harrison, Russell and Brown garnered praise along with the cinematography and music. Paul Whitington of the Irish Independent gave the film five stars. Brian Tallerico, editor of RogerEbert.com, gave it four out of four stars, calling the film "unexpectedly ambitious and confident". He praised Shults' directing, as well as the film's sound design and Trent Reznor and Atticus Ross' score, and wrote "This is a deeper and more profound film than your average character drama, a masterpiece that's hard to walk away from without checking your own grievances and grief."

IndieWire's Eric Kohn gave the film a B+, stating "It's a definitive statement on the present moment, evoking the sheer horror of every uncertain exchange, and the courage involved in moving ahead regardless of what it means for the future". Justin Chang of the Los Angeles Times called it "deeply rooted in its characters' consciousness, alert to the feelings of dread, shame, rage and despair that threaten to bring these fast-moving lives to a standstill". It was chosen by the National Board of Review as one of the ten best films of the year.

Prince Shakur of Teen Vogue stated that Tyler's story shows the effects of "toxic masculinity".