James Bond: No Time To Die Won't Go Streaming, As $600 Million Deal Can't Find Buyer
MGM was reportedly looking for $600 million for a one-year license fee to bring the movie to a streaming service, but no deal was made.
The newest James Bond film, No Time To Die, has been finished and ready to go for months now, but MGM has delayed it numerous times due to COVID-19. A report from Bloomberg stated that MGM pitched the streaming rights to Netflix, Apple, and Amazon, but so far, no deal has been reached, and it sounds like that may never happen.
Separately, Variety reported that MGM offered a one-year license for No Time To Die for $600 million. Additionally, MGM is said to have considered releasing the movie on its own through a paid video-on-demand option, similar to how Disney handled Mulan.
However, Deadline reported that neither Netflix, Apple, nor Amazon came back to the table with even half of the reported $600 million one-year license fee. Additionally, the site reported that 007 series producer Barbara Broccoli "flatly nixed the deal."
The reason? Money, it seems. Deadline reports that No Time To Die could generate $1 billion or more if it's released in a "healthy" theatre market. While some cinemas have reopened around the world, many remain closed, and even in markets where they are open, people may not want to visit a theatre anytime soon.
All of this leads to a tricky situation for MGM regarding when to release No Time To Die. The site also reminds us that the 007 franchise typically skews older in terms of its target demographic, and people in that age group may be less inclined to visit a theatre during a health crisis.
The studio has delayed the movie multiple times already, and its new release date is April 2021. Go to Deadline to read the full report. According to Variety, MGM has already lost as much as $50 million due to the delays for No Time To Die.
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