In a recent Reddit AMA, Director Guillermo del Toro was asked upfront about the status of Hellboy 3.
Well, you know, we don’t have that movie on the horizon. But the idea for it was to have Hellboy finally come to terms with the fact that his destiny, his inevitable destiny, is to become the beast of the Apocalypse, and having him and Liz face the sort of, that part of his nature, and he has to do it, in order to be able to ironically vanquish the foe that he has to face in the 3rd film. He has to become the beast of the Apocalypse to be able to defend humanity, but at the same time he becomes a much darker being. It’s a very interesting ending to the series, but I don’t think it will happen.
… 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.
For many, Hellboy and Hellboy II: The Golden Army are considered cult classics. Both films contain a distinct and unique feel that easily separate them from the genre, and having that 3rd film to complete the trilogy is on the top of every fans list. But with budgeting concerns and del Toro’s always busy schedule, it seems this just may be the final nail the the coffin for fan’s hopes.