NO TIME TO DIE (2021): Delay Costing MGM $1 Million Per Month

No Time to Die Delay Costing $1 Million Per Month

One of 2020’s most hotly anticipated studio tentpoles was MGM‘s No Time to Die starring Daniel Craig, but unfortunately the film has been delayed so many times that now it won’t be coming out until sometime in 2021.

The fans must certainly be disappointed that they’ll have to continue waiting for the newest installment of the James Bond franchise though probably not nearly as much as MGM is, as it reportedly costs the studio around $1,000,000 every month they have to hold on to it, which comes from interest generated on the money borrowed to make the film.

Recent reports have indicated that MGM broached talks with some of the major streaming services to float the idea of putting No Time to Die on one of their platforms. While those negotiations did not end up going anywhere, The Hollywood Reporter has indicated that one of the reasons that MGM sought to make such a deal is because the movie has become financial dead weight. The studio’s rapidly accruing interest can’t be paid back until the film starts generating revenue.

Sadly, the fact is that most studios are dealing with similar difficulties surrounding all of their unreleased movies. This is a side of Hollywood that people don’t usually think about. The money to make movies can’t usually be covered by studios’ cash on hand, which necessitates borrowing. However nobody expected such a severe pandemic to interrupt the way business is done, when everything just shuts down abruptly. It’s obvious enough that big studios don’t make money sitting on unreleased movies, but often due to lending practices like this, it can actually cost money raising doubt on the studios ability to pay their bills.

In talks with Apple TV+, the streaming platform was reportedly willing to pay $350-$400 million to acquire No Time to Die. However, MGM was apparently looking for closer to double the amount, and so, in the end, the studio decided to hold out for a theatrical release. MGM was probably seeking such a huge number because the film was expected to bring in a tremendous amount of cash at the box office. Spectre and Skyfall made over $800 million and $1 billion respectively.

With No Time to Die being Craig’s last appearance as James Bond, MGM may be looking to sell the entire franchise to another studio, as recent events have cast doubt on the future financial viability of the franchise.

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