Due to the coronavirus pandemic, “No Time To Die” was pushed from its original release date in April 2020 to April 2021 as studios continue to postpone major blockbuster tentpoles like “Black Widow,” “The Batman” and “Dune” for fear that theater closures across the country will spell disaster for their potential box-office success.
According to Variety, MGM, the studio behind the film, reportedly lost $30 million to $50 million because of the delays. Meanwhile, other studios like Paramount and Sony have been making millions by selling movies like “Greyhound,” “Coming 2 America” and “Without Remorse” to streaming services, skipping over the struggling theater exhibition industry altogether.
Representatives for MGM did not immediately respond to Fox News’ request for comment.
“We do not comment on rumors. The film is not for sale. The film’s release has been postponed until April 2021 in order to preserve the theatrical experience for moviegoers,” an MGM spokesperson said.
However, insiders report that MGM was open to the idea of bringing “No Time To Die” straight to people’s homes via streaming rather than postponing its release by a year. The outlet reports that the studio was looking in the ballpark of roughly $600 million, which was too high a price tag for any viable streamers.
Furthermore, there’s no word on whether Barbara Broccoli and Michael G. Wilson, who have control over the 007 franchise through their Eon production company, would be on board for selling Daniel Craig’s last outing as James Bond and avoiding the theater for the first time ever.
Meanwhile, the situation for movie theaters remains dire as a lack of new releases prompts theater chains to rethink their opening strategy. Cineworld, the second-largest chain in the U.S., recently closed almost all of its theaters in the U.S. and U.K. Meanwhile, AMC announced that it’s in danger of running out of money by the end of the year.
The unprecedented pandemic has led to a change in the way studios approach the box-office market that many believe could lead to permanent changes. Because the United States is still struggling to contain the coronavirus in a way China is not, the country was able to finally take the lead by allowing its theaters to open at about 75% capacity to a public that’s significantly less worried about catching and spreading COVID-19.