Theatrically, the film's break-even point was $6.3 million, about twice the production cost, a figure it did not come close to achieving on its initial release. Because of the film's disappointing sales, Capra was seen by some studios ashaving lost his ability to produce popular, financially successful films. Although It's a Wonderful Life initially received mixed reviews and was unsuccessful at the box office, it became a Christmas classic after its copyright lapsed and it fell into thepublic domain, which allowed it to be broadcast without licensing or royalty fees.
It's a Wonderful Life is considered one of the greatest films of all time. It was nominated for five Academy Awards, including Best Picture, and has been recognized by the American Film Institute as one of the 100 best American films evermade. It was No. 11 on the American Film Institute's 1998 greatest movie list, No. 20 on its 2007 greatest movie list, and No. 1 on its list of the most inspirational American films of all time. Capra revealed that it was his favourite among the films he directedand that he screened it for his family every Christmas season. It was one of Stewart's favourite films. In 1990, the film was designated as "culturally, historically or aesthetically significant" and added to the National Film Registry of the Library of Congress.
It is commonly believed that the characters of Bert and Ernie on Sesame Street were named after Bert thecop and Ernie the cabdriver. However, in a correction for the 1999 "Annual Xmas Quiz" in the San Francisco Chronicle, which made this claim, series writer JerryJuhl confirmed that, per producer Jon Stone, the shared names were merely a coincidence. Despite this, the 1996 holiday special Elmo Saves Christmas references the rumour, during a scene where Bert and Ernie walk by a TV set, whichis playing the movie. The pair are surprised by the line: "Bert! Ernie! What's the matter with you two guys? You were here on my wedding night!"
