The No Time to Die delay could cost MGM up to $50 Million sources says.
No Time to Die Delay Proving Costly
Sources close to The Hollywood Reporter have said that the studio could take between a $30-$50 million hit after pushing the release of the movie back seven months.
Money has already been spent on advertising including a super bowl advert that cost in excess of $4 million. It’s going to be an uphill climb to recoup these costs and crossed fingers we actually get a November release.
The ongoing escalation of the virus doesn’t seem to slowing down anytime soon. It could very well be delayed a second time-dependent on how situations pan out.
The new November release for the movie and the decision to delay the release was over coronavirus fears. The film was already in full swing with its marketing campaign including the release of the incredible theme song from Billie Eilish.
This huge financial hit could already put Bond into very deep water. We all know it’s going to be a box office smash (even SPECTRE made $881 total worldwide) but $50 million in debt before the film even launches is far from ideal in the eyes of a studio.
In China alone, over 70,000 cinemas have been closed since January with no plans to reopen for the foreseeable.
Chinese Market Important to MGM
The decision has taken some considerable time and deliberation. China is a big market for bond with SPECTRA raking in $120 million alone.
After weighing the pros and cons the decision was announced this week. Experts believe the film would have suffered a 30% loss if it had released on its original April date.
Theatre closures in other countries are not yet known. Reports are doing the rounds that UK cinemas may face closure as a result but nothing has been made official as of yet.
No Time to Die producer Barbara Broccoli told The Hollywood Reporter:
They obviously are doing the right thing by putting the public safety, world safety, first.
Overall
At this current moment in time, no other studios have postponed any major releases. With festivals canceled and other such events the impact is starting to be felt not just in the film industry but all across the world.
Bond has left active service and is enjoying a tranquil life in Jamaica. His peace is short-lived when his old friend Felix Leiter from the CIA turns up asking for help.
The mission to rescue a kidnapped scientist turns out to be far more treacherous than expected, leading Bond onto the trail of a mysterious villain armed with dangerous new technology.
