No Time To Die’s release date change will cost MGM studios $30 million. No Time To Die is the 25th film in the James Bond franchise and is a farewell to its star, Daniel Craig, playing the iconic character. It will mark his fifth appearance as the world’s favorite MI6 agent, which began in 2006 with the release of Casino Royale.

No Time To Die has continuously made the headlines ever since its development. Aside from reports that initially hinted that Craig was uninterested in reprising the role, the film also had trouble landing its director. Danny Boyle, director of the Best Picture winner Slumdog Millionaire, was all set to helm the project before creative differences forced him to step down. Cary Fukunaga eventually landed the gig, but the initial release date of the movie had to be pushed back due to the change. Finally, April 2020 became the official date for the film to hit theaters. As the film was getting set to premiere in the coming weeks, fears from the spread of coronavirus caused its Chinese debut and press tour to be canceled. Now, the release date has been pushed back to November 2020 as a result of the virus.

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The Hollywood Reporter says this shift in release dates will cost the studio at least $30 million. That number is a more conservative estimate, and it’s being reported that in the end, the price tag could be closer to $50 million. The film has not yet hit theaters, but the studio had already started an aggressive marketing campaign for No Time To Die. With a production budget of close to $250 million, the film has to be a hit with audiences in order to succeed. As the coronavirus spreads across Europe and Asia, executives fear No Time To Die could lose some of its biggest overseas audiences.

Daniel Craig in No Time to Die

In China alone, tens of thousands of movie theaters have already closed their doors. The virus has also struck Italy, leaving the rest of Europe, and places like the UK, in danger as well. In the past, these locations have made up a significant chunk of the worldwide box office for the James Bond franchise. This type of decision is in line with how many other studios have dealt with the virus. Sonic The Hedgehog, for example, had its Chinese premiere delayed, and Disney’s Mulan will do the same. Mission Impossible 7 even had to reschedule filming in Italy as a result of the virus.

It’s disappointing to know we’ll have to wait another eight months to see James Bond back in action, and it’s surprising to consider how much such a change will cost the studio. The move, however, makes financial sense in the end. Its high budget requires No Time To Die to be a commercial success, and with some of its most important markets compromised, keeping the April 2020 release date could have spelled box office disaster.

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Source: The Hollywood Reporter