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Let's analyze this more closely, shall we?

Possible interpretations of the ending (from some web site somewhere in cyberspace discussing the ending of Birdman:

1. He dies on stage and it's all a Mulholland Drive-style fantasy sequence after that.
2. It's all real up to the point where he jumps out the window, where he falls and dies. The daughter's joy at seeing him "free" is a fantasy sequence.
3. Same as #2 except that the daughter knows he killed himself and is still happy about it.
4. He doesn't die but the last scene doesn't really happen; it's just a fantasy sequence for himself in the way that fantasizes his superpowers throughout the film.
5. He doesn't die; he actually flies away at the end. He really has superpowers.
You can make a case for any of them (except maybe #5 which is refuted several times in the movie), but the most logical choice seems to be #2 (with #3 coming in at a strong second). Riggans is indeed dead. Why is this the most logical conclusion? Well, let's go through it.

Number one, Riggan is crazy. This may seem obvious, but the movie encourages us, in a weird way, to think maybe Riggan isn't crazy — to think that he really does have superpowers. If you came away thinking Riggan wasn't crazy, you can't really be blamed for it. Maybe you're an optimist, or maybe you've seen a lot of the superhero movies that director Iñárritu criticizes repeatedly throughout the film.

Nevertheless, the fact that he doesn't have superpowers is enforced when we see Riggan flying through the streets of New York. He arrives at the theater and runs in after landing, only to be pursued by a cabbie trying to collect his fare. It's the only time the movie explicitly contradicts Riggan's delusions, but the message is clear. They are delusions. He didn't fly. He took a cab.

However, the most important part of these delusions is the fact that nobody else shares them. Throughout the film we clearly see that all of the supporting characters do not see what Riggan sees. Which brings us to the most important point of all.

After Riggan hops out of the window, Sam's face is in the final shot, looking up in wonder, presumably watching her father soar through the sky. However, it's clear that Riggan doesn't really have the ability to fly and it's also clear that Sam doesn't share her father's delusions. So, the fact that she indeed sees something leaves us with only two conclusions. As stated before; It's all real up to the point where he jumps out the window, where he falls and dies. Sam's joy at seeing him "free" is a fantasy sequence. Or, he indeed died, except that the daughter knows he killed himself and is still happy about it.


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