Released with a substantial budget of $110 million, 'IF' managed to pull in approximately $190 million worldwide. While this might seem like a respectable sum to some, Hollywood accounting standards often mean a film needs to gross at least 2.5 times its budget to break even once marketing and distribution costs are factored in. This makes 'IF' a financial disappointment for Paramount, a stark contrast to director John Krasinski's previous box office triumphs like 'A Quiet Place' and its sequel, both of which were massive hits on significantly smaller budgets.

The film centers on Bea (Cailey Fleming), a young girl who discovers she can see imaginary friends, or 'IFs,' who have been forgotten by the children who created them. She teams up with her enigmatic neighbor, Cal (Ryan Reynolds), who shares her unique ability and works to help these forgotten companions find new homes. The world of 'IF' is populated by a remarkable roster of celebrity voices lending their talents to the imaginary characters, including Steve Carell as the large purple creature Blue, Phoebe Waller-Bridge as Blossom, and a host of others like Louis Gossett Jr., Awkwafina, Sam Rockwell, George Clooney, and even Ryan Reynolds' wife, Blake Lively. Many observers, including Slashfilm, noted that Krasinski seemed to “call in many favors” for the extensive ensemble.

Despite the star power, critics delivered a mixed verdict. 'IF' currently holds a 50% approval rating on Rotten Tomatoes, with many reviewers pointing to a needlessly complex plot and a feeling of derivativeness. Publications like Slashfilm highlighted comparisons to beloved films and TV shows such as 'Drop Dead Fred,' 'Foster's Home for Imaginary Friends,' and even Pixar's 'Inside Out,' which had already explored similar themes of forgotten childhood companions. Anna McKibbin of The A.V. Club criticized the film's identity, stating, "Casting Reynolds as the misbegotten lead is indicative of IF's central problem: It isn't sure who it's for." This sentiment underscored a common complaint that the film struggled to balance its whimsical, childlike elements with a more adult-oriented, melancholic tone.

The film's theatrical journey may have been bumpy, but its arrival on Netflix and Paramount+ offers a fresh opportunity for 'IF' to find its audience. For those curious about Krasinski's ambitious, albeit divisive, fantasy project, or simply looking for a new family-friendly watch, the streaming platforms provide an accessible avenue to form their own opinions, perhaps even enjoying it more than the initial critical consensus.