LOS ANGELES—The new science-fiction spectacle “Valerian and the City of a Thousand Planets” opens with a memorable montage of intergalactic communities joining to form a giant space colony, all set to the tune of David Bowie’s “Space Oddity.”
“Under Pressure” would have worked, too.
“Valerian” arrives in theaters on July 21 already boasting an unusual, and high-stakes, record: It is believed to be the most expensive film in history that wasn’t made by one of the six major studios. Its $180 million production budget is in line with costly competitors like “Spider-Man: Homecoming,” but its production company, Paris-based EuropaCorp , is a fraction of the size of Hollywood’s major players.
A 3-D extravaganza that’s been called a cross between “Avatar” and “Star Wars,” “Valerian” will have to overcome a host of obstacles to turn a profit. Released in the most competitive part of the summer movie season, it’s the only big budget movie that isn’t based on characters or franchises already well known to audiences. There is also the foreign nature of the name itself, “Valerian,” based on a French comic book. “To a U.S. audience, that is an unfamiliar name,” acknowledges EuropaCorp Chief Executive Marc Shmuger.
Though early footage of the film has set science-fiction blogs abuzz, reviews so far have been mixed, with some critics praising the movie’s kaleidoscopic visuals but saying its stars Dane DeHaan and Cara Delevingne are miscast in the lead roles.
The film has become a case study in whether a globally ambitious movie from outside Hollywood’s main studios can perform well in the current environment dominated by franchise films.
A hit would transform EuropaCorp, a small studio founded by “Valerian” director Luc Besson in 2000. Mr. Besson, a favorite among the Comic Con crowd because of the science-fiction classic “The Fifth Element,” is one of the few directors working today whose reputation could justify such a massive undertaking without traditional studio support.
“The first ‘Star Wars’ wasn’t a franchise. ‘Avatar’ wasn’t a franchise,” said Mr. Besson. The movie marquee needs to have some fresh ideas from time to time, he added. “It’s like never changing the water in the aquarium.”
Set in the 28th century, “Valerian” imagines a universe where the Space Race never stopped, and sprawling colonies formed across galaxies. Alpha, where much of the movie takes place, is a cross-galaxy United Nations, like a metropolis populated by regulars of the “Star Wars” Mos Eisley cantina. Mr. DeHaan and Ms. Delevingne star as bickering crime fighters in this futuristic world, home to alternate dimensions, alien creatures and a shape-shifting cabaret performer named Bubble (Rihanna).
Mr. Besson rose to fame with contemplative thrillers like “La Femme Nikita” and “Léon: The Professional” in the 1990s before becoming known for his science-fiction epics. The director has a fervent fan base, but box-office analysts are skeptical U.S. moviegoers will show up in the droves needed for a film of this size. The director’s last movie, “Lucy” starring Scarlett Johansson, grossed $463 million world-wide, and EuropaCorp says it may consider sequels to “Valerian” if its global haul lands above the $350 million range, which is plausible but far from certain.
For EuropaCorp, the timing for a high-risk release comes at a precarious moment. The studio last month posted a loss of 119.9 million euros ($136 million) for the 2017 fiscal year. Though the company is open to building “Valerian” into a sequel-spawning franchise, executives say they plan to primarily stick with their usual projects: Modestly budgeted action thrillers like the “Taken” and “Transporter” franchises that continue to make up the bulk of its release slate.
Crafty financing has limited the company’s risk on “Valerian.” To raise the $180 million for the movie, Mr. Besson adopted a financing structure common with independent films, offsetting the cost of production by selling distribution rights in more than 65 countries and bringing on about a dozen equity partners. Ultimately, the patchwork of financing left EuropaCorp responsible for about 10% of the budget. “For the cost of a small to modest-sized film [for EuropaCorp], Luc was able to realize the largest production in the history of continental Europe,” said Mr. Shmuger.
“Valerian,” a comic that Mr. Besson says he has obsessed over since childhood, has been the director’s quixotic project for years. The 2009 blockbuster “Avatar,” with its computer-generated Na’vi appearing alongside human actors, convinced him the technology had caught up with the storyboards in his head.
The movie is expected to perform better overseas. French moviegoers are most excited for “Valerian,” where the film is projected to gross between $50 million and $100 million, far above typical grosses in the relatively small market. The highest-grossing movie in that country so far this year made only $33.3 million, or about the opening-day gross for a hit like “Wonder Woman” in the U.S.
France was so eager to get on board with native son Mr. Besson that the country changed its tax-credit program after the director threatened to shoot the movie in Hungary. Tax rebates ultimately shaved $30 million from the movie’s cost.
Mr. Besson said he realizes asking audiences to go to movies featuring characters they don’t know is a tall order in today’s marketplace. “I just wish people will take the risk,” he said.