Recently, MGM made the difficult decision to delay the release date for No Time to Die, the upcoming installment of the long-running James Bond franchise. This was due to the coronavirus outbreak, which has continued to spread across the globe and has had a major impact on the movie business. Taking that into account, the delay seemed like the right move to make, but it's going to be a costly one.
According to a new report, it's estimated that the James Bond release date shift will cost No Time to Die between $30 and $50 million. The studio had already started a heavy marketing campaign that was ramping up rapidly, with the worldwide release set to begin next month following the planned March 31 premiere in London. For instance, a Super Bowl spot for the movie cost around $4.5 million. That money isn't necessarily wasted, but the momentum it gave Daniel Craig's final go-around as 007 will certainly have tapered off come November.
Other logistical issues come into play as well. Product tie-ins are a big part of the James Bond franchise. Omega, the watch brand that has been associated with the series for some time, had already begun rolling out its No Time to Die timepiece. Swatch had also recently released a new watch inspired by the one Ben Whishaw's Q wears in the movie. Those products were timed to arrive just ahead of the release. Plus, the No Time to Die theme song, which is performed by Grammy winner Billie Eilish, has already been revealed, which is a historically big moment for any Bond movie. Craig is also set to host Saturday Night Live this weekend, which will move forward as planned.
While the marketing department will take a hit with the delay, this ultimately seems like the right call to make. Not just for everyone's safety, but from a financial perspective as well. The movie business in China has essentially been non-existent for weeks, as 70,000 or more theaters have been shut down for weeks, with no end in sight. Other countries such as Italy have also shut down theaters, and parts of the U.K. may follow suit.
It's estimated that as much as 30 percent of the movie's possible take at the box office could be sacrificed if the release had moved forward as planned. It's expected that No Time to Die will join the $1 billion club, which means roughly $300 million in box office could have been left on the table on that old release date. That makes the $50 million figure seem like an easier pill to swallow.
This is set to be Daniel Craig's fifth turn as the iconic MI6 agent. It follows in the footsteps of Spectre, which was released in 2015. Rami Malek (Bohemian Rhapsody) is set to play the villain, with Cary Joji Fukunaga (Beasts of No Nation) in the director's chair. No Time to Die is now set to arrive on November 12 in the U.K. and November 25 in the U.S. This news comes to us via The Hollywood Reporter.