Following his massive win at the Oscars for The Shape of Water, it was clear that the Academy was finally seeing what many people had known for ages – that Guillermo del Toro was one of our best filmmakers. His follow up, the neo-noir Nightmare Alley, might have seemed like a strange choice. Del Toro was known for his horror-infused fantasy films featuring stunning monsters and creatures. But, what is clear is that Nightmare Alley is every bit a Guillermo del Toro movie as Hellboy or The Devil's Backbone.

The film, the second adaptation of William Lindsay Gresham's novel, follows Stanton Carlisle (Bradley Cooper), who charms his way into a carnival, refusing to share his past but catching the eye of young Molly (Rooney Mara) along the way. Before long, his ambition brings him into conflict with industrialist Ezra Grindle (Richard Jenkins) and the sinister Dr Lillith Ritter (Cate Blanchett).

What works so well about this film is that, like so much of del Toro's work, he loves the macabre. The scenes of the carnival and the carnies that live there is filled with love and affection. The setting up of attractions, the downtime, down to Willem Dafoe's explanation of how the whole thing works. Del Toro's joy is palpable – not least because it allows for a supporting turn from his best pal Ron Perlman.

The production design, always a great love of the director, comes into play constantly. The rundown nature of the carnival is perfectly juxtaposed with the later scenes in the fantastically cold and clinical settings of Ritter's medical office and Grindle's mansion. This juxtaposition works particularly well when del Toro channels his love of Hammer Horror into terrifying snow swept sequences in Grindle's foreboding estate. Here we see the director fully embrace his horror origins.

Some may be surprised that the director who once said he'd never direct a film without a monster has opted for a more grounded story but what's always been the case in his work is that the true monster is man's greed. Into this comes Bradley Cooper in easily one of his best performances. His usually manic, but charming persona is ideally suited to Carlisle. Cooper's perfectly cast as someone who can charm everyone but has the potential to snap at a moment's notice. It's a performance that fits superbly alongside a delicious camp turn from Blanchett.

The film's stature within del Toro's oeuvre might feel a little strange, as a follow up to the award-winning The Shape of Water it feels a little colder, more cynical compared to the hopeless romanticism, but it feels like a perfect tonic to the weepy drama. Just as Pan's Labyrinth feels like a more hopeful tonic to The Devil's Backbone's darker elements – though not lacking in its own darkness. Moreover, it's a film that shows del Toro is a lover of the cinematic medium, reaching back to the origins of big Hollywood filmmaking but bringing his own love of other genres.

Giving the film the Criterion Treatment also shows how confident it is, and its Best Picture nomination is a wonderful example of the good will that del Toro has built with his gothic, romantic style of filmmaking. It would be easy for a director to take a safe route and do the same thing that won them plaudits but to take such a risk, with such a dark and nastily natured film, shows that he's not someone who can shirk from a challenge and offers a final image that will stick with audiences long after the credits roll.

4K Ultra HD + Blu-ray Special Edition Features

4K digital master of Nightmare Alley: Vision in Darkness and Light (2025), a new 159-minute, black-and-white extended director's cut, supervised by director Guillermo del Toro, with 5.1 surround DTS-HD Master Audio soundtrack
4K digital master of the theatrical version of the film, with Dolby Atmos soundtrack
Two 4K UHD discs of the films presented in Dolby Vision HDR and two Blu-rays with the films and special features
New audio commentary on the extended director's cut featuring del Toro
New documentary on the film's performances, visual language, costume and production design, and score
New conversation between del Toro and actor and producer Bradley Cooper
New conversation between del Toro and co-screenwriter Kim Morgan
Trailers
English subtitles for the deaf and hard of hearing and English descriptive audio
PLUS: An essay by crime-fiction and true-crime expert Sarah Weinman