MGM is expected to swallow around $30-50 million in costs due to the last-minute delay of the release of the new James Bond film “No Time to Die” by seven months says THR.
The bulk of the marketing campaign for the Cary Fukunaga-directed film had yet to roll out, but outlay was already significant including the $4.5 million Super Bowl spot last month.
However the alternative the studio was facing – the inability to open in many of the franchise’s key global markets – was seen as worse and could have resulted in at least a 30% reduction in final global box office – a loss of around $300 million in potential coin.
The production budget for the new film is said to be around $250 million – meaning it needs at least $600-700 million before it starts making a profit and so such a potential major reduction would be crippling.
The producers had reportedly already been bracing for the prospect of a release date move in recent days. China accounted for around 10% of “Spectre” grosses – a country where some 70,000 theaters have been closed since January. The franchise home in the UK, which could also be vulnerable to theater closures, accounted for 15% of the “Spectre” grosses.
Daniel Craig is set to host NBC’s “Saturday Night Live” this weekend and was in the middle of rehearsals when news broke of the move – it’s too late to change, so Craig will carry on as planned.
