Here is my take, everyone above has great ideas on how to reproduce this in Photoshop. Here's what I see. The backdrop is a photo, not a created-in-PS image. Tioga is right. It does use displacement map filter as well as some other created effects IMO.
The displacement map is made from the backdrop which may have been treated with layer adjustments to increase the contrast and add darkness and highlights.
When you for example make a levels adjustment, you will get a layer mask on the adj (assuming you make it a layer adj). Now you can take a medium soft brush at low opacity, color black, and paint on this mask. This will remove the adj by bits at a time. So let's say you use levels to darken the image. As you paint you put the lightness back and add to the contrast of the highlights such as you see on the folds.
Once you have the backdrop as you want it, right click on layer, select duplicate. On the window popup, select new from the dropdown. Title it, flatten it, save as a MAP so you can identify it.
Make your blood drops where you want them Now go to filter>distort>displace and use the default settings to begin with. Just follow PS's guide and open your MAP psd.
The text is just placed where you want it. No displace filter. I think there is a layer mask added and a very soft, low opacity, black brush used to reveal parts of the image below.
That's my take.