No Time To Die Delay Might Cost Studios $30 Million Reports Reveal
MGM recently chose to postpone the release of the new James Bond movie, No Time To Die , due to the fear of coronavirus outbreak. The movie was re-scheduled initially in China because of the virus, but then was later postponed internationally, including in Europe and in North and South America.
Movie Web claims that the fear of coronavirus has since spread fear and uncertainty throughout the globe, affecting the financial markets in addition to the movie business. While it was a good move to make due to the potential loss of hundreds of millions, it's going to cost around $30,000,000 right upfront.
Reports from the aforementioned outlet claim the movie's postponement cost studios in between 30$-$50 million. Before the virus began spreading, the studio had spent a large sum of money to market and promote it, until they had to cancel it altogether.
The movie was supposed to premiere on the 31st of March, in London, England. Just one example was the $4.5 million commercial during Super Bowl Weekend this year. While the money wasn't wasted, the studio will again have to vamp up their efforts to make up for the cost.
Furthermore, the film's delay will affect other aspects of the James Bond universe. For instance, Omega, a time-piece company that has worked with the franchise for years, started releasing their timepiece inspired by the film. Additionally, Swatch planned on releasing a product inspired by Q's watch in the film.
The release of No Time To Die's Billie Eilish-fronted theme song was already released, which is typically done shortly before the movie actually comes out.
According to Movie Web, China's theaters have been closed for the last few weeks, with around 70,000 going on a temporary hiatus. European nations like Italy and the UK may do the same thing.
On the other hand, estimates have the film earning around $1 billion at the box office, so in comparison to the $30-$50 million, it doesn't seem like much. Regardless, the movie will come out on the 25th of November in the United States.