As the Coronavirus continued to spread across the globe, MGM studios decided to push back its action tentpole James Bond flick ‘No Time to Die’ to November. Now people are wondering how much will the decision caused by the epidemic, cost the studio that fully financed the spy Movies.
The Hollywood Reporter has said that the studio is expected to take a $30 million to $50 million hit by moving the film’s release back to November when the dust finally settles. The marketing outlay was already massive with just four weeks before the release, including a $4.5 million Super Bowl ad that ran in February.
Coronavirus causing massive economic setbacks for Hollywood
The alternative MGM would have been far more costly, ‘No Time to Die’ can ride out an eight-figure loss considering the profit margins on a Bond film. The production budget for ‘No Time to Die’ was on the same level as the $245 million budget for 2015’s ‘Spectre.’ The decision to move the release date to Nov. 25 in North America, was based on the economic reality that theaters across the globe have been shut down, from Japan to Italy.
The studio and producers have already been bracing for a release date shift in recent days. “No Time to Die” producer Barbara Broccoli spoke to The Hollywood Reporter said they are doing the right thing by putting public safety ahead of making money. 007 producer Michael Wilson also added that it’s still unclear how coronavirus will affect the whole global markets and impact trade.
No Time to Die marketing will cost more in the spring
“No Time to Die” is the final chapter in Daniel Craig’s story as 007. The film was set to launch with a London premiere on March 31. Some press events could not be rescheduled or stalled. Daniel Craig hosted last weekend’s “Saturday Night Live.” Craig was in the middle of rehearsals when he found out that the movie was pushed back to November.
Watch company Omega released a 007 limited edition watch, which has already hit stores. While the watch is not specifically tied to “No Time to Die,” stores are continuing to sell it and not hold back the watch until the fall release. Meanwhile, MGM is scrambling to save ad buys. Pricey purchases like the Super Bowl spot can’t be recouped. However, MGM doesn’t see that money as a waste, given that it would have probably already run the ad during the year’s most-watched event.
However, MGM faces a more expensive fall campaign to promote “No Time to Die.” TV ads that run during the fourth quarter of the year are often more expensive than those run during the spring. No other studios have acted in the same fashion.
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