An Ambitious Gamble in a Shaky Market
In the mid-2000s, the landscape of prestige cinema was shifting. Major studios were growing wary of mid-budget adult dramas, while their specialty divisions, or "indiewood" labels, were under immense pressure to deliver both critical acclaim and commercial
returns. Enter Paramount Vantage, Paramount Pictures' art-house shingle. The division had a mandate to create daring, director-driven films, but like its competitors, it lived and died by the balance sheet. It was in this environment that director Paul Thomas Anderson, fresh off the quirky Adam Sandler-led Punch-Drunk Love, began developing his most ambitious project yet: a loose adaptation of Upton Sinclair’s 1927 novel, Oil! The project was a tough sell—a dark, slow-burning period piece about a misanthropic oil prospector with a challenging narrative and an unsparingly bleak worldview. For a studio needing a hit, it was anything but a sure thing.
Assembling the Pieces
Financing the film proved difficult, taking two years to secure. Eventually, Paramount Vantage and Miramax Films joined forces to co-produce the $25 million picture. Anderson had one actor in mind for his lead, Daniel Plainview: Daniel Day-Lewis. The script was written with him in mind, and the actor’s commitment was key to getting the project off the ground. The production itself, filmed primarily in the stark landscapes of Marfa, Texas, was notoriously intense. Stories from the set have become legendary, from the on-set oil derrick fire that created an iconic, unplanned shot to the recasting of a major role two weeks into filming. Actor Kel O'Neill, originally cast as the preacher Eli Sunday, was replaced by Paul Dano, who initially had a much smaller part. Dano had only four days to prepare for the now-expanded dual role of brothers Eli and Paul Sunday, a performance that would become his breakout.
‘I Drink Your Milkshake!’
The film centers on Daniel Plainview’s relentless and corrupting quest for wealth in the Southern California oil boom. His journey puts him in direct conflict with Eli Sunday, a charismatic young preacher whose faith is both a genuine force and a tool for his own ambition. Their rivalry—a battle between capitalism and religion, both twisted into monstrous forms—drives the film to its shocking and unforgettable conclusion. Day-Lewis’s performance was a force of nature. He fully inhabited the character, creating a portrait of monstrous individualism so complete that it felt less like acting and more like a possession. His famous line, “I drink your milkshake!”—a metaphor for his brutal competitive ethos—became an instant, if unlikely, cultural catchphrase.
Vindication at the Box Office
Despite its challenging subject matter and a 158-minute runtime, There Will Be Blood struck a chord. After a world premiere at Fantastic Fest in September 2007, it began a limited release in December, building a wave of critical adoration. The film went on to gross over $76 million worldwide, more than tripling its $25 million budget. It was a commercial success that also became an awards-season juggernaut, earning eight Academy Award nominations, including Best Picture. Daniel Day-Lewis won his second Oscar for Best Actor, and Robert Elswit took home the award for Best Cinematography. For Paramount Vantage, the success was a massive validation. That same awards season, the studio also had the Coen Brothers’ No Country for Old Men, which would go on to win Best Picture. Together, the two films cemented the studio's reputation as a home for top-tier cinematic talent.
The Legacy of a Modern Classic
So, did There Will Be Blood single-handedly save a studio from collapse? The headline’s claim is a dramatic flourish, but it contains a kernel of truth. The financial and critical success of the film, alongside No Country for Old Men, gave Paramount Vantage the two biggest hits of its existence, providing it with immense prestige and a much-needed financial cushion. While the specialty division would ultimately be folded back into its parent company a few years later amid shifting industry economics, its 2007 run was legendary. The film didn't just bolster a studio; it proved that artistically uncompromising, challenging American epics could still find an audience and make money. In an era increasingly dominated by sequels and superheroes, it was a gusher of hope for original filmmaking.
