High concept holiday slasher It’s a Wonderful Knife continues the time honored tradition of injecting horror into cozy holiday fare. Director Tyler MacIntyre (Tragedy Girls, V/H/S/99) and writer Michael Kennedy (Freaky) blend Scream 2 with It’s a Wonderful Life to plunge its central characters into a bizarro snow globe of horrors, wearing their cinematic influences on their sleeves throughout. It’s not the horror that dominates this high concept mashup, though; It’s a Wonderful Knife is more interested in spreading holiday cheer and warm fuzzy feels.

Winnie Carruthers (Jane Widdop, “Yellowjackets”) finds her life completely upended on Christmas Eve when a masked killer embarks on a murder spree and kills Winnie’s best friend Cara (Hana Huggins) right in front of her. Winnie winds up saving her brother Jimmy (Aiden Howard) and the quaint town of Angel Falls when she thwarts and unmasks the killer. One year later, Winnie’s disheartened to find the rest of Angel Falls has moved on while she wallows in grief. When she wishes aloud that she’d never been born, Winnie finds herself transported to an alternate version of Angel Falls, one where the killer is more bloodthirsty than ever.

It’s the supporting cast that most sparks It’s a Wonderful Knife to life. Justin Long (Barbarian, “Goosebumps”) delivers one high camp performance as sleazy town developer Henry Waters, a hat tip in part to John Waters, no doubt. The over-pronounced veneers and unnatural spray tan only heighten the absurdity of Long’s narcissistic politician, and the actor’s scene-chewing all but ensures he steals every moment on camera. Winnie’s aunt Gale Prescott (Katharine Isabelle) brings the requisite feistiness befitting of her moniker. But it’s high school outcast Bernie Simon (Jess McLeod) that provides the emotional center; her steep arc from town weirdo to charming co-hero contributes most of the sentimental charm. Less effective is Joel McHale as Winnie’s dad; his brand of humor feels at odds with the distinct feel-good tone here. That’s at its most jarring when he tiredly smirks through a particularly intense emotional scene.

It’s the budding relationship between Winnie and Bernie that engages most, though that’s not to say that the horror is forgotten. MacIntyre keeps the pace moving at a brisk speed, with inspired staging for the bloody kills that attempts to make full use of holiday iconography. Chase scenes from Scream 2 get repurposed for the wintry weather here, and look for I Know What You Did Last Summer to factor into some of the slasher thrills, too. Don’t worry; the holiday influences are just as varied and strong as the slasher influences.

There are interesting concepts at play regarding the killer, beginning with the early unmasking, but there’s a rushed quality to It’s a Wonderful Knife that puts the slasher in the backseat of this holiday feature. Establishing shots of scenic Angel Falls get employed to an overindulgent degree, and the color grading renders some scenes flat or too dark to see. MacIntyre attempts to maneuver around a near-pitch-black movie theater with a creative strobe effect, but the build-up getting to this sequence can be tough to parse what’s happening on screen. Time feels ultimately too fleeting here as narrative beats get relayed via shorthand or skipped altogether. The ambition on display exceeds its budget, but that ambition is most appreciated, especially where the practical effects are concerned.

It’s a Wonderful Knife is ultimately far more successful as a winsome story of teens fighting back against an oppressive force over Christmas and saving each other in the process. It’s a Hallmark holiday movie for outcasts and horror fans alike, delivering no shortage of holiday cheer perfect for this time of year. MacIntyre’s latest may not quite seamlessly nail its high concept genre mashup, but with some outstanding performances and a sweet gooey emotional center, it effectively tugs at your heartstrings and captures the spirit of Christmas.

It’s a Wonderful Knife slashes into theaters on November 10, 2023.