MGM Is Facing A Big Loss After Changing The ‘No Time To Die’ Release Date

Earlier this week, MGM made the call to move the release date for No Time To Die from April to November in light of the coronavirus’ growing effects on public safety and the global box office. The studio was the first to blink after it became clear that the pandemic was spreading to other parts of the world. While other upcoming blockbusters like Black Widow and Furious 9 are holding to their release dates, those studios will undoubtedly be watching the effects on repositioning the Bond movie should the outbreak worsen, and so far, those effects include a $30 million loss, at minimum, according to THR:

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. 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.

However, sticking to the scheduled release date would’ve forced MGM to take an even bigger hit as the lucrative Chinese box office is still reeling from the initial coronavirus outbreak. It’s a dicey situation all around, and No Time To Die won’t just smoothly slide into November like 007 on a mission.

Still, a fall campaign will come with added expenses. Broadcast ads that run in the fourth quarter of the year are typically more expensive than the spring, given that the quarter coincides with the kickoff of the new TV season as well as football. The film will also be competing for ad space with other studios’ awards-facing prestige titles and major holiday offerings, as Disney’s Marvel film Eternals and Warner Bros.’ tentpole Godzilla vs. Kong will also be released in November.

In the midst of the Bond move, California declared a state of emergency over the coronavirus, which doesn’t bode well for the other studios hoping to weather the storm. Hollywood could be staring at a massive reshuffling of release dates should the pandemic continue its pace.

(Via THR)