MGM Could Lose Between $30-$50 Million For Moving No Time To Die To November

The last few days we have talked about the impact that the coronavirus is having on the film industry as well as pop culture. DC cancelled all it’s public appearances in March. Emerald City Comic-Con has lost a variety of comic book publishers as well as artist and writers that don’t want to risk contamination in a space filled with people. The other big news was the decision that MGM made to delay the release of the next James Bond film, No Time to Die, to November.

RELATED: NO TIME TO DIE DELAYED, POP CULTURE EVENTS AFFECTED BY CORONAVIRUS

A decision like that was not something that was taken lightly. The Hollywood Reporter is saying that MGM will probably take a $30-$50 million hit by pushing back the film seven months. Lucky for them, a lot of the marketing for the film had not been released yet. But they did spend $4.5 million on a single Super Bowl ad that is now in the past. Also the 007 himself Daniel Craig is set to host NBC’s Saturday Night Live this weekend. He found out about the film moving to November in the middle of rehearsals. I have a feeling they will find a way to add the push back somehow in their skits. Omega last month had also launched a 007 edition watch that has already started arriving in stores.

This is a smart move on the part of MGM as the alternative to chug along with the planned release date could have been far more costly. No Time to Die cost $245 million dollars to produce, the same as the previous Bond film Spectre. With theaters around the world being shut down because of the coronavirus threat from Japan to Italy and so many other places, it had been predicted that releasing the films this year would result in thirty percent being shaved off the final box office numbers. Meaning that if this film would have reached a billion dollars hey could have been facing losing $300 million. That 30-50 million for changing release date doesn’t sound that bad anymore. MGM refused to comment.

ALSO SEE: THE CORONAVIRUS OUTBREAK COSTING THE FILM INDUSTRY BILLIONS

What do you think of MGM’s decision to move No Time to Die? Let us know in the comment section below!

MGM’s No Time to Die is now currently scheduled to be released November 25th, 2020.

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Source: The Hollywood Reporter

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