Insiders say NoTimeToDie needs to make close to $900 million to break even. As a result, the film now stands to lose $100 million in its theatrical run, according to sources close to production. MGM, meanwhile, disputes this math.
thanks to tentpole films like “Dune” and “No Time to Die.” But there’s an unfortunate reality behind these numbers. Almost no movies are making money right now. Yes, a few horror films like Universal’s “Halloween Kills,” which are made cheaply, are still enjoying healthy profit margins, but the business that is reemerging from its COVID torpor still has a lot of ground to make up.
Further complicating things is the fact that the pandemic hit right as media companies like Comcast, Disney, Viacom CBS and WarnerMedia were launching streaming services of their own. In order to compete with Netflix, these companies unwound licensing deals with cable companies and streamers, which deprived them of millions of dollars in wildly profitable licensing fees. In some instances, it has been worth it.
Compared to star Daniel Craig’s previous 00 outings, “No Time to Die” has already made more money globally than 2006’s “Casino Royale” and 2008’s “Quantum of Solace” . It does fall short of its two predecessors, “Skyfall” with its $1.1 billion haul and “Spectre” with its $880 million tally. At the domestic box office, its total ranks as the lowest Bond with Craig at the center, but the global popularity of the franchise softened that blow.
In an attempt to mitigate theatrical losses, “No Time to Die” moved to premium video-on-demand platforms after 31 days in theaters, where industry insiders believe it is thriving. Unlike box office grosses, where studios evenly split revenues with theater owners, companies like MGM get to keep closer to 80% of the money from digital transactions.
When “No Time to Die” was greenlit, many of these new streaming services were still in their nascent stages, the global box office was thriving, and major movies had exclusive cinema runs of nearly three months. Bond’s long-time studio home MGM/UA was an independent operator — now it’s about to be absorbed by Amazon. Clearly, a lot has changed, including the economics behind successful moviemaking. But one thing has remained eerily prescient about the Bond sequel.
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