,Costly mistakes have been all too common throughout history. Take the time 20th Century Fox agreed to let George Lucas retain the rights to Star Wars merchandise, in exchange for just a few hundred thousand dollars. The studio had decades to kick itself for that ever since. Or take the medieval African ruler who decided to show off on a pilgrimage to Mecca with epically lavish largesse. It weakened and set the stage for the downfall of what until then had been a prosperous empire. Below are twenty five things about those and other costly mistakes from history.
20th Century Fox’s Costly Decision to Cede the Rights to Star Wars Merchandise
In 1973, George Lucas directed American Graffiti, which became one of history’s most profitable films. Produced on a $777,000 budget, it earned well more than $200 million in box office and video sales by 2023. After that unexpected success, Lucas decided that his next project would be a “western in space“. The resultant was one of history’s most successful movie franchises. The first film, Star Wars: A New Hope, grossed $775,398,007, which was huge back then. As of 2023, the Star Wars franchise had grossed more than $10 billion in movie sales alone.
With the benefit of hindsight, it seems obvious now that Star Wars was destined for great success. In the 1970s, however, Hollywood was not so sure whether Lucas’s “western in space” would resonate with audiences, or flop at the box office. Various studios passed, before 20th Century Fox finally agreed to make the film. The studio’s execs were still a bit wary about the movie’s prospects, however. So when Lucas offered to give up $500,000 of his director’s fee in exchange for complete ownership of merchandise and licensing fees, the studio accepted. As seen below, it was a costly mistake that 20th Century Fox came to greatly regret.