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Craven’s vision for A Nightmare on Elm Street was rejected by major studios but seized by Shea’s New Line, which agreed to produce it on a modest budget of around $700,000. Despite financial hurdles and infighting—particularly over the film’s ending—Nightmare premiered in 1984 to critical and commercial success, grossing over $25 million domestically and establishing Freddy Krueger as a horror icon.
The success led to a franchise, with sequels flooding the market from 1985 to 1991. While some sequels faltered, the series' hallmark—its inventive premise haunted by subconscious fears—made it uniquely memorable. Craven’s New Nightmare in 1994 further cemented Freddy’s legacy as a meta, inventive horror series, blending reality and fiction.