On the web, practically every headline depicts Waterworld in a poor light. From potential conflict backstage to a production way over budget, the aquatic epic was sold as a failure before it hit the big screens. Then, when Director Kevin Reynolds departed the film, Waterworld seemed destined for failure.
Surprisingly, and to the dismay of those who doubted its success, Waterworld brought in a whopping $21 million on opening weekend. At the time, that was quite a substantial amount for a three-day draw. The movie's haul in the first week wouldn't cover the entire production cost, although it should've convinced nonbelievers of the truth. While Waterworld's total cost to make amounted to $175 million, the movie made a profit in the end.
Despite expanding from a budget of $100 million to $135 million and finally $175 million, Waterworld's total box office came to $264 million. The math adds up. Even if it didn't bring in double or quadruple the budget costs—the metric for measuring movie success—Waterworld paid off. Universal received compensation for its investment, walking away with nearly $90 million in profit. Other costs had to be paid, but the studio still benefited. Of course, headlines speak louder than any dollar amount because words can sway opinion.
Speaking of headlines, another exaggeration that came from rumors in the media was that Kevin Costner butted heads with director Kevin Reynolds, specifically over the direction of the film, because Costner had a particular vision. While only half true, the Postman actor and Universal Pictures wanted a character-driven movie, versus Reynolds' push for a gritty action film. It still turned out to be what critics called "Mad Max on water," but apparently, the director had a slightly different vision for the film.
Ironically, though, Reynolds is the only director attached to Waterworld. While Costner reportedly took over the editing process, Reynolds still holds said claim. Costner's role was merely preventing his former friend from changing the film further. The latter intended to ramp up the action, but thankfully, Waterworld turned out the way it did. Had Reynolds been given the green light for his suggested reshoots, perhaps the production costs would've increased even more. And without a guaranteed return, Universal would've been gambling by investing in an already costly project.
The central takeaway is that headlines don't always convey the entire truth. Readers hear "backstage conflict" and immediately assume that productions are breaking down. They learn that a movie had to stretch its budget, and then it's a poor reflection of the director managing money on the set. The reality, however, is that budgets sometimes need to expand. Otherwise, extreme investments like $175 million never rake in profits close to a hundred million. And sometimes, backstage dynamics turn sour. People are entitled to their opinions and preferences, so it's not shocking for an actor to disagree with a director. The case with Costner and Reynolds on the set of Waterworld was just that, except blown out of proportion. They, unfortunately, broke ties over the disagreement, but the dispute wasn't nearly as monumental as the tabloids made it seem.
Waterworld can be streamed either on Starz, Sling, Amazon Prime Video, and Hulu. The movie can occasionally be found on other streaming services, as well.
(Source: Seattle Times, Golden Globes, IMDB)