Kevin Costner’s $264 Million Box Office Flop Finds New Life on Peacock

Kevin Costner’s Ambitious ‘90s Epic Waterworld Is Now Streaming on Peacock

In the early 1990s, Kevin Costner was riding high. After winning big with Dances With Wolves — both critically and commercially — and solidifying his star power with The Bodyguard, Costner had earned the rare privilege of full creative control in Hollywood. He used that freedom to launch one of the most ambitious (and ultimately infamous) projects of the decade: Waterworld.

Released in 1995, Waterworld was envisioned as a bold, post-apocalyptic adventure set entirely on water. With a reported production budget of up to $175 million — which ballooned to a staggering $264 million after marketing and distribution — it was the most expensive film ever made at the time. Unfortunately, the film’s release was clouded by negative buzz, on-set tensions, and mounting concerns over runaway costs.

Now streaming on Peacock, Waterworld has become something of a cult curiosity. Though initially slammed by critics — it holds a 45% rating on Rotten Tomatoes — the film’s reputation as a complete disaster doesn’t quite hold water. Even critics like Roger Ebert acknowledged its impressive visuals and ambitious scope, despite criticizing its thin characters and inconsistent tone.

Decades later, Waterworld feels oddly fresh. Its commitment to practical effects, massive floating sets, and real stunts stand out in today’s CGI-saturated movie landscape. And while behind-the-scenes stories of creative clashes (including director Kevin Reynolds leaving before the film was finished) fueled its bad press, time has softened much of that narrative.

Both Costner and Reynolds have defended the film in the years since, with Reynolds even stating that Waterworld holds up better than many big-budget blockbusters. Costner himself has spoken fondly of the project, despite the career turbulence it caused.

Today, Waterworld is remembered less as a failure and more as a fascinating piece of ‘90s cinema history — an analog-era epic that may deserve more credit than it originally received. Whether you’re watching out of nostalgia or curiosity, now’s a good time to revisit (or discover) Waterworld on Peacock.