Cameron didn't tell Variety anything. Variety referenced a GQ interview that Cameron did back in 2022 about ALL the Avatar movies but was talking about WoW at the time, not this one specifically, so they took it out of context. It was a reference to the entire box office, and how its really hard to justify movies like Avatar in the market we are in today when they have to clear over $1B to be profitable. So really this was about whether or not Avatar 3, 4 and 5 would be made, not whether Fire and Ash would be profitable.
Here is the Variety article -
"Avatar" is among the biggest film franchises of all time. But diminishing returns and exorbitant costs mean sequels are getting harder to justify.
variety.com
So he never really said Fire and Ash had to clear $1.5B to be breakeven, that was Variety making that comment based on what Cameron said in general about Avatar, which they actually misquoted because he never actually gave a number in that article about any breakeven figure.
Here is Deadlines actual reporting of the same at the time back in early 2023 after WoW released -
"The 3x Oscar winning filmmaker also clarified statements he made to
GQ magazine: He told them back in November that the sequel would need to be the third or fourth highest-grossing movie in history just to “break even”. Those pics all grossed over $2 billion worldwide.
Cameron told Wallace, “I never actually gave it a number. I said it would has to be among the highest-grossing films in history and somebody else applied that number and it got picked up. The number is actually less.”
'Avatar: The Way Of Water' To Break Even Per James Cameron, Paving Way For Sequels
deadline.com
So this is all really just a bunch of misquotes and it keeps getting picked up and reused in some attempt to bring down Cameron, Disney, and Avatar.
And for reference here is the original GQ article -
It’s been 13 years since James Cameron released 'Avatar,' the highest-grossing movie of all time. Now, the director is back with a deeply personal sequel—and the reasonable expectation that it could be the biggest thing he’s done yet.
www.gq.com