Daniel Craig’s No Time to Die costing studio $1 million in interest per month while it sits on shelf: report | Hollywood - Hindustan Times
close_game
close_game

Daniel Craig’s No Time to Die costing studio $1 million in interest per month while it sits on shelf: report

Hindustan Times | By
Oct 31, 2020 02:57 PM IST

MGM is accruing an interest of $1 million (approximately ₹7.5 crore) per month, while it sits on the shelf waiting for theatres to resume operations.

The James Bond film No Time to Die is reportedly accruing $1 million (around 7.5 crore) in interest, every month that it sits on the shelf. The film, originally slated for an April release, has been delayed multiple times due to the coronavirus pandemic. No Time to Die has now been slotted for an April 2021 release.

Daniel Craig as James Bond in a still from No Time to Die.(Nicola Dove/MGM)
Daniel Craig as James Bond in a still from No Time to Die.(Nicola Dove/MGM)

According to a story on The Hollywood Reporter, MGM is racking up costs because of the delay, and is not in a position to pay its debts until the film starts making money. This comes after recent reports that the studio had shopped the film to streaming services, demanding as much as $600 million ( 4400 crore) for the rights.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

“MGM is suffering. Every major distributor at this point has a pile of unreleased expensive movies. The pile grows larger by the day,” Hal Vogel, CEO of Vogel Capital Research told THR. “These films are inventory. They are sitting there with no return on their investment. Even with low interest rates, the interest costs are piling up.”

The report also mentioned that Apple offered between $350 and $400 million to secure the film’s rights for one year. MGM was targeting a number closer to double that. It was recently reported that Netflix was also involved in conversations.

Because of the film’s delay, UK cinema chain Cineworld was forced to close down. Odeon Cinemas switched to weekend-only opening times for a quarter of their venues.

During this period, studios such as Sony and Paramount have successfully sold major films such as Greyhound and Coming 2 America to streaming platforms. In India, Amitabh Bachchan’s Gulabo Sitabo was among the first films to forego a theatrical release in favour of a direct-to-OTT debut. His son Abhishek Bachchan’s Ludo and The Big Bull are slated to release on Netflix and Disney+ Hotstar, respectively.

Also read: Deal to sell James Bond film No Time to Die to streaming services for 4400 crore was ‘overtly’ explored: report

“We do not comment on rumors. The film is not for sale. The film’s release has been postponed until April 2021 in order to preserve the theatrical experience for moviegoers,” an MGM spokesperson told Variety.

No Time to Die, directed by Cary Joji Fukunaga, was reportedly produced for $250 million. According to the report, MGM has already lost between $30 million and $50 million because of the delay.

Follow @htshowbiz for more

Catch every big hit, every wicket with Crick-it, a one stop destination for Live Scores, Match Stats, Quizzes, Polls & much more. Explore now!.

Get more updates from Bollywood, Taylor Swift, Hollywood, Music and Web Series along with Latest Entertainment News at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, May 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On