Delaying No Time To Die Is Costing MGM $1 Million Every Month
The latest James Bond movie No Time To Die is reportedly costing MGM $1 million for every month it is delayed.
Even the mighty James Bond is suffering in one of the most devastating years for the film industry on record, as features have been paused, canned, or severely delayed.
Some completed titles have gone straight to online streaming in the form of rentals, like Disney’s Mulan, but have failed to amass a fraction of the predicted profits it would have drawn in movie theatres.
The newest 007 movie – intended for an April 2020 released just as the pandemic hit and cinemas began to close – is having to fork out $1 million for each month it is delayed thanks to the interest costs incurred in order to make the film, according to The Hollywood Reporter.
Had the film been released when originally intended, the box office revenue – likely pushing towards the $1 billion mark – would have been recouped within a matter of weeks.
In the grand scheme of all things Hollywood, losing $1 million per month isn’t all that damaging in its totality; with the last film in the franchise, 2015’s Spectre, taking over $800 million at the worldwide box office.
Still, it’s not an ideal scenario for MGM or indeed any film studio that has been forced to postpone the release of their film, thanks to the closures of cinemas across the globe in the wake of the coronavirus pandemic and the change in people’s behaviour.
The idea of Bond moving straight to the online streaming world has been mooted, much like The Invisible Man, Onwards, and Mulan did as a means of getting finished movies out there for a rentable fee.
However, with Apple and Netflix seemingly the only parties interested, it was deemed financially unsustainable for MGM to move forward with the game-changing decision, instead opting to remain patient until the film can safely enter cinemas next year.
Apple were reportedly ready to table a $350-400 fee for the movie but Bond execs refused, after a figure nearing twice that offer was requested, which has since led to a release delay of over a year.
It’s no secret that movie studios both big and small are suffering in 2020. Cinema chains, like Odeon, have even begun offering whole screen rental options to people, as a means of encouraging them back to theatres.
Daniel Craig’s fifth 007 outing will be his last, as his contract expires and he hangs up his licence to kill for good. Speculation is rife over who will step into the famous spy’s shoes, with Tom Hardy, Robert Pattison, Henry Cavil, long-time fave Idris Elba, and Henry Golding circulating in the rumour mill.
The latest adventure will feature regulars Ben Whishaw, Ralph Fiennes, and Naomi Harris, the return of Lea Seydoux and Christoph Waltz, as well as newcomers Ana de Armas, Lashana Lynch, and recent Oscar-winner Rami Malek.
No Time To Die is due for release in the UK on April 21, 2021.
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