Originally slated to release back in April, the latest entry in the James Bond franchise No Time to Die has seen multiple delays due to the current COVID-19 pandemic and is currently expected to premiere in April 2021. However, according to several studio insiders, MGM were looking to make a deal that would see it released straight to streaming.
The delays for No Time to Die's release have reportedly cost MGM $30-$50 million in a time when major releases are going straight to streaming, like Disney's live action Mulan which took a respectable $36 million in its opening weekend on Disney+.
According to rumors, MGM was looking at making a deal for around $600 million which may have proved too big a gamble for streaming platforms. It's also unlikely that producers Barbara Broccoli and Michael G. Wilson, whose production company Eon Productions currently control the James Bond franchise, would sign off on such a deal.
Talking to Variety, a spokesman for MGM denied the claim saying “we do not comment on rumors. The film is not for sale. The film’s release has been postponed until April 2021 in order to preserve the theatrical experience for moviegoers”
Another major obstacle to a potential streaming premiere is the promotional tie-in deals with companies like Heineken, Land Rover and Omega watches who could push for a theatrical release. The upcoming Eddie Murphy sequel Coming 2 America's release on Amazon Prime depended on its promotional partners, McDonald's and Crown Royal whiskey, also agreeing to the deal.
It's already been a rough year for cinemas who've seen takings fall drastically and big releases like Tenet perform well below expectations. But a long standing franchise like James Bond releasing straight to a streaming service could potentially have even longer lasting repercussions for the industry. Time will tell whether or not MGM made the right decision here.
No Time to Die is slated to release in April 2021
Source: Variety