It’s a Wonderful Life, a film directed by Frank Capra and starring Jimmy Stewart and Donna Reed, opened in theaters on this date in 1946. Most reviewers labeled it as overly sentimental (although Time magazine loved it) and it fared poorly at the box office.
It was an expensive film to make, as Capra ordered a small-town set that was the size of a small town: three full-size city blocks, with 75 storefronts, some of which opened to stores which had shelves which were fully stocked with real products, and indoor snow machines for the snowy outdoors scenes.
The studio that produced it, RKO, filed it as a budget loss. The film went down in history as a flop.
By the early 1970s, the film had been a holiday staple on local television stations across the U.S. during the holidays for years; this was because It’s a Wonderful Life was such a flop that the rights to broadcast it were inexpensive for those local stations that could not afford pricier holiday fare.
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