Several media events have been affected as coronavirus plagues the world, pun intended. Most recently, the release date for MGM’s upcoming James Bond flick No Time To Die was pushed back seven months because of the deadly virus and according to reports, the delay will cut the studios’ profit by at least $30 million.
“Sources tell The Hollywood Reporter that MGM will likely take a $30 million to $50 million hit by moving the film’s release back by seven months when the dust settles,” The Hollywood Reporter states, adding “Although the bulk of the marketing campaign for the Cary Joji Fukunaga-directed pic — the 25th installment in the storied 007 franchise — had yet to roll out, the marketing outlay already was significant with just four weeks to go before the release, including a $4.5 million Super Bowl spot that ran in February. MGM declined comment.”
According to the site, the loss could have been a lot more had MGM decided to keep the original release date (April 10), instead of pushing the film back to November.
“Still, the alternative MGM was facing was far more costly, and even an eight-figure loss will be easier for a film like No Time to Die to withstand considering the broader profit margins on a Bond film,” THR goes on to explain. “The production budget for the latest installment is on par with the $245 million budget for the last Bond film, 2015’s Spectre. Sources say the studio’s decision to move No Time to Die to Nov. 12 in the U.K. and Nov. 25 in North America — which was made on Tuesday, one day before announcing the delayed release — was largely based on the economic reality that large swaths of theaters across the world have been shuttered in recent weeks, stretching from Japan to Italy. That could have resulted in a minimum of 30 percent shaved off the final box office tallies — a possible $300 million out of a likely $1 billion global haul.”
In case you missed it, thousands of theaters have closed down across France, China, and Italy in recent days due to the spread of coronavirus. Stay tuned for continued updates.