James Bond Studio Responds To No Time To Die Losing Millions Reports
James Bond production studio Metro-Goldwyn-Mayer responds to reports that No Time to Die will lose millions of dollars from its recent release.
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James Bond production studio Metro-Goldwyn-Mayer responds to reports that No Time to Die will lose millions of dollars from its recent release. The 25th installment in Eon Productions’ James Bond franchise marks the fifth and final outing of Daniel Craig in the role of Ian Fleming’s iconic MI6 super spy. The film is set five years after the events of Spectre in which Bond is pulled back from retirement by the CIA to help locate a kidnapped scientist, leading him on the path to a dangerous terrorist with ties to love interest Madeleine Swann’s past.
Alongside Craig, No Time to Die saw the returns of franchise vets Léa Seydoux, Ben Whishaw, Naomie Harris, Jeffrey Wright, Christoph Waltz, Rory Kinnear and Ralph Fiennes. The film also saw the franchise introductions of Rami Malek as the villainous Lyutsifer Safin, Lashana Lynch as new 00 Nomi, Billy Magnussen as CIA agent Logan Ash and Ana de Armas as CIA agent Paloma. After over a year of delays due to the ongoing COVID-19 pandemic, No Time to Die finally hit theaters in October 2021 to rave reviews from critics and audiences alike, though its financial returns have been the subject of debate.
Following reports that No Time to Die would lose millions for the studio, MGM has responded with an official statement (via CinemaBlend). The longtime James Bond production studio debunked said reports, noting the film’s continued box office success and its video-on-demand numbers as proof of it turning a profit for MGM. See the studio’s statement below
“Unnamed and uninformed sources suggesting the film will lose money are categorically unfounded and put more simply, not true. The film has far exceeded our theatrical estimates in this timeframe, becoming the highest grossing Hollywood film in the international marketplace and passing F9 to become the highest grossing Hollywood film since the pandemic. With the PVOD release of the film already doing stellar home viewing business, all while continuing to hold well theatrically, No Time To Die will earn a profit for MGM, both as an individual film title and as part of MGM’s incredible library.”
Reports of No Time to Die losing potentially up to $100 million last week came as quite a surprise to many as the film has grossed over $755 million worldwide against an estimated $250-301 million production budget, the largest budget of the franchise to date. This previous report also indicated that the sources, who MGM have called “unnamed and uninformed” in their response, claimed that the film would need to clear $900 million worldwide in order to break even, given the film’s ever-shifting release dates necessitating multiple marketing campaigns. However, previous reports indicated that the film would need to make at least $800 million worldwide to reach the break-even point, which seems closer to the truth when looking at MGM’s optimistic response to the film losing money.
It’s also important to note that MGM’s response to No Time to Die losing millions of dollars sees the studio factoring in the film’s VOD numbers into its potential profit margin. With many films and theaters still struggling to completely bounce back amidst the ongoing pandemic, studios have adjusted their general expectations accordingly to the current nature of the world, thus releasing many of their films digitally either at the same time as their theatrical releases or shortly thereafter in order to get the best profits possible for the title. Since making its PVOD debut, No Time to Die has been a hit, sitting in the top three after being dethroned by Shang-Chi and the Legend of the Ten Rings and Venom: Let There Be Carnage in recent weeks.
Link Source : https://screenrant.com/no-time-die-box-office-loss-studio-response/