MGM’s No Time To Die delay will cost the James Bond film over $30 million.
Yesterday, it was announced that MGM, Universal, and the James Bond producers would be pushing back No Time To Die all the way to November due to the impact of the coronavirus. The latest entry in the James Bond franchise was set to hit theatres on April 10 but with the coronavirus causing global concerns, it was decided that the best course of action was to delay the film. With this delay, which erred on the side of caution, MGM is facing a $30 million cost.
According to The Hollywood Reporter, MGM will be losing anywhere between $30 and $50 million by pushing No Time To Die back by seven months. The James Bond film’s marketing was only just beginning to roll out in full-force, but it already made significant promotional plays. The most prominent marketing decision made prior to the James Bond film’s delay was a costly $4.5 million Superbowl commercial.
Of course, this $30 million hit is nothing compared to the profits No Time To Die would be ruling out if it were to stick to its early April release date. The coronavirus has been taking its toll on the market all over the world but most notably in Asia and Europe. Countries such as Japan, Italy, and China have shuttered their theatres, among others. China famously shut down over 70,000 theatres since January and has no plans to open themselves up anytime soon as the virus continues to reign in the country. China, while not the biggest country to contribute to James Bond’s success is still a major player in the box-office.
It’s also of note to remember that the U.K is main bastion of James Bond, where the franchise originates from. Currently, the U.K has well over one hundred coronavirus cases, which certainly wouldn’t bode well for No Time To Die’s financial returns. The delay for No Time To Die certainly comes at an interesting time as it’s the first film to make the fears of the coronavirus apparent.
What are your thoughts on James Bond’s upcoming outing in No Time To Die being delayed? Do you think MGM is taking a bit hit on delaying the film? Comment below and let us know!
Here is the official synopsis for James Bond’s No Time to Die:
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.
Directed by Cary Joji Fukunaga from a script co-written by Neal Purvis & Robert Wade and Phoebe Waller-Bridge, No Time to Die stars Daniel Craig, Ralph Fiennes, Naomie Harris, Ben Whishaw, Lea Seydoux, Rory Kinnear, Jeffrey Wright, Rami Malek, Ana de Armas, Lashana Lynch, Billy Magnussen, David Dencik and Dali Benssalah.
No Time To Die will be released in theaters on November 25.
Source: The Hollywood Reporter