Why Steven Spielberg Made Millions From Star Wars

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As a lifelong movie fan, it blows my mind to think that Star Wars almost didn’t happen! Apparently, George Lucas had a really tough time getting anyone to believe in his space opera. Studios thought it was just too weird and risky for audiences. Thankfully, Alan Ladd Jr. at 20th Century Fox took a chance on him, but even he had his doubts. The whole production was a mess – they were pushing the boundaries of visual effects with a brand new company, Industrial Light & Magic, and the budget was spiraling. Lucas himself was starting to lose faith, convinced it wouldn’t work. But thankfully, he had one close friend who still believed in the project, which is amazing when you consider how much of a cultural phenomenon it became!

It’s not surprising that Steven Spielberg, known for creating amazing and spectacular films, recognized the potential of Star Wars early on. When George Lucas showed a rough cut to fellow directors, Spielberg was one of the few who immediately loved it. He believed in Star Wars so much that he invested his own money in the project, which ultimately proved to be a very wise financial decision.

Steven Spielberg & George Lucas Made a Bet Over Star Wars

In a funny twist of fate, Steven Spielberg and George Lucas both released science fiction movies in 1977. Lucas was busy making Star Wars while Spielberg was creating Close Encounters of the Third Kind, his next film after the huge success of Jaws. Lucas actually believed Close Encounters would be even more popular, so he made a bet with Spielberg. Spielberg later told Turner Classic Movies (as reported by Business Insider) that Lucas visited the set of Close Encounters and was really impressed. Lucas thought Star Wars didn’t stand a chance against it in theaters.

Spielberg proposed a deal: he’d trade a percentage of profits from his film Close Encounters for the same from George Lucas’s Star Wars. Specifically, he offered 2.5% of Star Wars in exchange for 2.5% of Close Encounters, and the other director readily agreed. Close Encounters was very successful, earning $306.8 million worldwide, but it didn’t reach the heights of Star Wars. Star Wars surpassed Jaws to become the highest-grossing film of all time, earning $307.2 million domestically during its initial release.

Over the years, Star Wars has been re-released in theaters many times – and another release is planned for 2027 to mark its 50th anniversary. These re-releases have added to the film’s already substantial box office earnings. Without adjusting for inflation, Star Wars has made $460.9 million domestically and $775.3 million worldwide. However, when inflation is taken into account (using 2022 ticket prices, according to Box Office Mojo), the global total jumps to an incredible $1.6 billion. Surprisingly, this means director Steven Spielberg has earned $40 million from Star Wars’ success, even though he didn’t direct the film.

As a movie critic, I’ve been following the story of the bet between Spielberg and Lucas for years, and the final numbers are in! While Lucas earned a respectable $7.6 million from Close Encounters, Spielberg walked away with around $19.3 million from their wager – not bad at all! When you adjust for inflation, Lucas’ earnings climb to about $13 million, which is certainly a nice sum. But let’s be clear: Spielberg won this bet, hands down. And with Star Wars re-releases planned, he’s poised to make even more in the future. It’s a friendly rivalry, but financially, Spielberg came out on top.

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2025-12-02 00:14