When It’s a Wonderful Life was released in January 1947, it bombed at the box office.
The film cost $3.7 million to produce - pricey for that era - and initial box office receipts came in at only $3.3 million. A financial flop.
By comparison, a film released one week earlier called Forever Amber, a historical drama starring Linda Darnell and Cornel Wilde, earned $16 million domestically.
Mother Wore Tights, a forgettable movie starring Betty Grable and Dan Dailey, drew $10 million.
Another 1947 release - Miracle on 34th Street - did nearly as poorly as at the box office as It’s a Wonderful Life. Americans in the post-war era just didn’t want to see Christmas movies.
Frank Capra co-wrote, directed, and co-produced the motion picture. He had already directed such classics hits as You Can’t Take It With You (1938), Mr. Smith Goes to Washington (1939) - both starring James Stewart - as well as Lost Horizon, Mr. Deeds Goes to Town, and It Happened One Night. He won 3 Oscars for Best Director.
In 1941, he left Hollywood to join the US Army in World War II. So did James Stewart. They were both out of show business for the duration of the war.
At age 38, Stewart was a top-drawing film star. He had to be convinced to return to the screen so soon after the end of World War II.
Donna Reed was a veritable unknown appearing in her first major role.
One factor that made It’s a Wonderful Life so expensive to produce was the construction of Bedford Falls. At that time, it was one of the most intricate sets ever constructed in Hollywood history. It was built on 4 acres of land in Encino, California.
The movie partially takes place in winter, yet it was filmed in summer. Artificial snow was created, a novelty in that era.
Frank Capra put his own money into the production of It’s a Wonderful Life. As a result, he suffered financial debts.
So, how did a box office stinker become an enduring classic? The short answer: television.
1974: The copyright on It’s a Wonderful Life expired. That placed the movie in the public domain. As a result, TV networks could show it for free. Some low-budget UHF channels would air the movie at Christmastime around the clock because it cost them nothing.
An entire generation of Baby Boomers, few of whom were alive when the film was released, grew up watching it on television at almost every holiday season.
Despite being a box office bomb, It’s a Wonderful Life received five Academy Award nominations in 1947; Best Picture, Best Actor, Best Director, Best Editing. It won only for Technical Achievement.
In 1990, it entered the Library of Congress’ National Film Registry and is now considered an all-time Christmas classic. ALSO:
When the movie was released, a FBI memo declared It’s a Wonderful Life subversive because of John Barrymore’s portrayal of Mr. Potter. It stated that the film sought to disparage all bankers, which the FBI called “a common trick used by Communists.”
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