No Time To Die recently surpassed Fast 9 to become the highest-grossing Hollywood movie of the year at the global box office but still stands to lose millions for MGM. Despite grossing over $730 million worldwide so far, the film’s COVID delays have made it near impossible for No Time To Die to turn a profit.
According to “Variety“, No Time To Die carries a production budget of more than $250 million and at least $100 million to promote. Adding to the film’s woes is that it also cost tens of millions to postpone the release of the movie for over 16 months. Most believe that No Time To Die needs to make closer to $900 million worldwide to break even and while that would’ve happened with ease during a healthy box office climate, it’s just not something that will happen for the latest Bond entry because the pandemic has made the film’s older target audience reluctant to head to their local movie theater to watch the movie. When it’s all said and done, No Time To Die may lose $100 million for MGM during its theatrical run.
Disputing this math is MGM but they could very well be trying to save face. $730 million globally is a solid gross for any film and that’s the narrative the Bond studio would like to focus on. In a statement sent to “Variety”, MGM claims the film not only broke even but it also is a huge moneymaker for them this year.
“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.”
MGM obviously doesn’t want to admit that their biggest franchise is losing money this year, even during the pandemic. “Variety” points to various sources with inside knowledge of the film’s budget and those with a deep understanding of the financials that added up after the film was delayed so many times to suggest that the film WILL lose money. Even if this is disputed, this does point to a problem that has plagued more adult-driven films during the pandemic. Movies aimed at younger moviegoers such as Venom: Let There Be Carnage, Free Guy, and Halloween Kills, have thrived at the box office. Films that have been aimed at an older audience have struggled. Ridley Scott’s The Last Duel, released the same weekend Halloween Kills opened to over $49 million despite also releasing on the Peacock streaming service, cost Twentieth Century Studios more than $100 million to make and has made a dismal $27.4 million globally. Oscar bait such as Belfast, Spencer, and King Richard are also struggling to make an impression at the box office but the latter was also released on HBO Max and is reportedly performing very well there.
What are YOUR thoughts on No Time To Die’s box office performance? Is it losing money or is it turning a profit for MGM?