Previously del Toro mentioned that it would take something around $150 million to make the movie, and he answered a question explaining why studios won’t finance it:
It is a question that I myself ask of the world many times, but we have gone through basically every studio and asked for financing, and they are not interested. I think that the first movie made its budget back, and a little bit of profit, but then it was very very big on video and DVD. The story repeated itself with the second already, it made its money back at the box office, but a small margin of profit in the release of the theatrical print, but was very very big on DVD and video. Sadly now from a business point of view all the studios know is that you don’t have that safety net of the DVD and video, so they view the project as dangerous.
Creatively, I would love to make it. Creatively. But it is proven almost impossible to finance. Not from MY side, but from the studio side. If I was a multimillionaire, I would finance it myself, but I spend all my money on rubber monsters.
With the growth of digital downloads, online streaming, and even the ease of piracy in the last few years, the DVD/Blu-Ray market just isn’t what it was back when the first two movies were released. While $150 million is quite a bit of money, maybe a Kickstarter could show a studio that there’s demand for a third Hellboy?