Despite lots of negotiations with Netflix, rumored to have been worth over $600 million, MGM has decided NOT to put No Time To Die on VOD or streaming.
Apple, Netflix and other streaming services explored the possibility of acquiring “No Time to Die,” the upcoming James Bond movie that was originally slated to debut last April. The film’s release has been postponed multiple times, with the Daniel Craig vehicle moving back to November before being pushed into 2021 as the number of coronavirus cases kept growing.
MGM, the studio behind the film, reportedly lost between $30 million to $50 million due to the delays, insiders said. Bloomberg first reported the discussions, which have been the topic du jour in Hollywood this week. Other studios, such as Paramount and Sony, have raked in tens of millions by selling movies like “Greyhound,” “Coming 2 America” and “Without Remorse” to streaming services while the exhibition sector continues to struggle during the pandemic.
“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,” an MGM spokesperson told Variety.
This is pretty optimistic. Given the failure of Tenet, one wonders if there will be a rebound or not. Of course part of the problem with Tenet is that it just wasn’t good. 007 is a whole different matter. This is a property with a helluva history. MGM must have a lot of faith in the product to turn down that much money from Netflix.
Perhaps there’s other reasons though. The pandemic will end and keeping the mystique and prestige of Bond moving forward by keeping it in theaters may be a good move. Once things start going straight to VOD or streaming, there is an unavoidable appearance of cheapening the property. Sure you may get $600 million now only to lose out on billions in the future.
Keep watching as these scenarios keep playing out.