Horror film 'Obsession' becomes highest-grossing festival acquisition

The horror film “Obsession” has become the highest-grossing movie ever acquired at a film festival, earning about $225.5 million worldwide on a production budget of roughly $1 million, news outlets report.

The film surpassed Michael Moore’s 2004 documentary “Fahrenheit 9/11,” which previously held the record for the highest-grossing festival acquisition.

Directed by 26-year-old Curry Barker, “Obsession” opened in theaters May 15 and earned $17.2 million during its debut weekend. The film continued to gain momentum in subsequent weeks, earning more during its second and third weekends than it did during its opening weekend, a feat not seen since “E.T. the Extra-Terrestrial” in 1982.

By its fourth weekend, ticket sales had declined by only 7%, allowing the film to surpass “Downton Abbey” as the highest-grossing release in Focus Features’ history.

Focus Features acquired the film’s distribution rights for about $15 million after a bidding war with Neon and A24 following its premiere at the Toronto International Film Festival in September.

“Obsession” follows a young man named Bear who wishes for his longtime friend and co-worker Nikki to fall in love with him. Instead, the wish unleashes a terrifying obsession that turns his life into a nightmare.