Corona virus impact! James Bond movie No Time to Die release delayed and will lose $ 50 million!
The Coronavirus scare has gripped the world. Spreading from Wuhan in China has infected a large number of people worldwide and also caused many deaths.
Its impact is seen in the entertainment industry as well where it has caused delays in movie releases and hence enormous losses to the producers. The latest James Bond movie ‘No time to die’ is similarly affected.
No time to die release postponed due to Corona virus pandemic
The film producers of the James Bond movie No Time to Die stated that due to the Corona virus issue, its release date is pushed back by seven months. This will severely hit the makers financially.
On Wednesday 4 March 2020 MGM, Universal, and producers Michael G. Wilson and Barbara Broccoli tweeted about this postponement of the release date. The film would have been released in April 2020 but now the new date and s in November 2020. This will s because the Coronavirus spread is causing more theater closures. This would negatively impact the cinema audience turnout and hence the success of the film.
The financial loss to the James Bond movie
No time to die is the 25th film of the James Bond franchise. The new release date is 12 November 2020 in the UK and 25 November 2020 in the USA. The Hollywood Reporter has reported that this delay will cost the studio a loss of between $30 million and $50 million.
The major part of the marketing for the prior April release is yet not rolled out. But despite that, a large amount has also been spent. This included a $4.5 million Super Bowl advertisement that was made this February and was promoting the old release date of April 2020. It was supposed to release on 31 March 2020 in London and on 10 April 2020 in North America.
Though the loss is heavy due to the postponement of the release of the film, the owners claim that it is still less than the financial loss if the film was released in closed theaters.
The global situation
The Coronavirus global outbreak has derailed a lot of businesses. Many films have suffered. The publicity plans in China, Japan, and South Korea also stand canceled. China theaters have also downed their shutters due to the Corona virus scare. Concerns are rising about the risk of the likelihood of the spread of Corona infection from Italy to the rest of Europe.
Most James Bond movies make a profit from the international market. The lovers of these movies exist worldwide. The last film released in 2015 called “Spectre,” made more than $679 million from overseas theaters. And over $84 million of that total come from China.
THR has estimated that the film would have made only 30 percent of its final projected box office tallies. And that is $300 million out of a likely $1 billion global take. The loss here would have been more for sure. Hence the film producers did a wise thing by delaying its release date.
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Source: Fox News
