The release date for the upcoming James Bond film No Time To Die, starring Daniel Craig in his final 007 outing, has been postponed until November amid fears around coronavirus. The film was due to be released in April.
Producers Michael G. Wilson and Barbara Broccoli have now said that "after careful consideration and thorough evaluation of the global theatrical marketplace" the film has to be delayed. The film will release on November 12 in the UK and on November 25 in the US, with other release dates worldwide to follow.
But how much will the move, prompted by growing disruptions due to the epidemic, cost the studio that fully financed the film? 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.
Although the bulk of the marketing campaign for the Cary Joji Fukunaga-directed film, 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 to comment on the issue. The alternative MGM was facing was far more costly, and the Bond film is expected to recover the costs due to the delay.
Sources say the studio's decision to move No Time to Die was largely based on the fact that a number of theaters across the world have been shut in recent weeks, from Japan to Italy. That could have resulted in a minimum of 30 percent loss at the box office - a possible $300 million out of a likely $1 billion global earning.
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