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To say that the 1995 film Waterworld wasn't a success would probably be an understatement when factoring in the substantial budget, it's less-than-stellar box office take and critical and movie-goers' reception of the film. All of that combined makes the Kevin Costner-starring action adventure film one of the more memorable bombs of the 90s, if not film history. But Syfy has had some measure of success with the movie when it airs on the cable channel, which is likely why they're toying with the idea of bringing the concept back in sequel or series form.
Forbes posted an article recently about Syfy's push into the film industry since its merge with Vivendi Universal Entertainment back in 2004. The site goes on to mention Waterworld not being an obvious candidate among Syfy Films' projects in development, especially when factoring in the whopping $235 million cost for the original film, which it did not earn back at the box office. But network president Dave Howe isn't counting the movie out as a candidate for some kind of future project. In fact, he's quoted as saying that a series inspired by the movie is something that's been "talked about endlessly" and could be a possibility.
Waterworld, which was directed by Kevin Reynolds and starred Kevin Costner, was set in the future after the ice caps melted, pushing most of the Earth's land underwater. Costner played The Mariner, a mutant human with webbed feet and gills who's looking for trade dirt. The movie may not have been a hit, but there's certainly potential in the premise and it could be an ideal set-up for something Syfy might develop. It's not hard to imagine a TV miniseries based on the premise that, if successful, could be expanded to a full series. Whether or not it actually happens remains to be seen. As Forbes points out, the movie may not have done well in theaters, but it brings in the viewers when Syfy airs it, which suggests that there's interest.
The idea of a theatrical remake sounds less likely, but we actually talked about Waterworld's remake potential in a list of 90s movies we think deserve a remake. You can check that out here.