Whether you see George Bailey as a community hero or a bit of a wet wipe (guilty), there's no denying It's a Wonderful Life has earned its place on the list of festive favourites that find their way onto TV screens around the world come December. Released in 1946, the Christmas classic gets off to a dour start but soon transforms into a feel-good feature with James Stewart and Donna Reed at the helm. Read on to find out how this box office failure transformed into a staple of the Christmas season and why It's a Wonderful Life wrecked the studio that backed it...
© Getty ImagesThe independent studio wanted to experiment outside of Hollywood control
Forming the studio
It's a Wonderful Life director Frank Capra formed independent production studio Liberty Films with a group of WWII veteran partners.
The studio sought to escape the trappings of traditional Hollywood control and began pushing the limits of their creative potential.
© Getty ImagesThe film's costs far exceeded their planned budget
Exceeding the budget
There's a reason that It's a Wonderful Life is still such a treat for the eyes today: the production team built a 4-acre set for Bedford Falls and created a new chemical snow effect.
Unfortunately, this meant they also exceeded their budget and ended up spending around $3.2 million, the equivalent of about $55 million today.
© Getty ImagesThe film wasn't an instant hit and failed to break even at the box office
Slow day at the (box) office
The feature failed to reach the box office heights required to make the studio's money back. In fact, the film didn't even manage to break even and lost approximately $8 million in today's money.
This forced the studio to sell its assets and was acquired by Paramount Pictures.
© Corbis via Getty ImagesFortunately, a clerical error turned out to be the saving grace of the film's legacy
Happy accident
The film's transformation into a festive staple was largely down to an accident in the administration department. In 1974, the film's copyright renewal was missed, meaning it went into the public domain.
As it was free to broadcast, TV stations showed the film every December and turned it into an unmissable part of the Christmas season.
© Corbis via Getty ImagesNow, It's a Wonderful Life is an unmissable staple at the end of every year
A forever favourite
The story of a man stuck in despair learning to appreciate his ordinary life and the close community around him is now a staple of the Christmas season.
Today, it's impossible to imagine a December without It's a Wonderful Life playing at least three times on the TV – it's the perfect antidote to post-potato bloating, after all.
