From the outset, No Time To Die, the 25th official James Bond film, has had a troubled production. Originally scheduled for release in November 2019, the film was shuffled back to February 2020, and then April 2020, due to then-director Danny Boyle departing the project over “creative differences.” With the help of his replacement, Maniac director Cary Joji Fukunaga, the film looked ready to meet the April premiere, but then the worldwide COVID-19 pandemic occurred. Facing the grave risk of possibly helping spread the virus (and lose box office profit), the film was postponed once more, this time to November 2020.
Of course, this fourth postponement wasn’t all bad: it safeguarded the lives of viewers and, according to Deadline Hollywood, it moved the movie into the typical release window for Bond films, perhaps in opening the flick up to higher audience numbers. However, the pandemic was still in full swing in November, so the film was pushed back further to April 2021. Many thought this would be the final date adjustment, with Cineworld CEO Mooky Greidinger even commenting that this new premiere was the “final straw” for struggling cinemas. Unfortunately for Greidinger, MGM seemingly didn’t care for this line of reasoning, and in January 2021, the film was pushed back once more to October 2021. In the face of this game of box office musical chairs, industry insiders have only one question: how much is this costing MGM?
Related: 2021 Movies Likely To Be Delayed Again Following No Time To Die's Lead
Indeed, the finance of filmmaking is already a fickle subject, even before pandemics are considered: between marketing, distributor cuts, brand placements, and actor pay-outs, MGM has already had to walk a proverbial tightrope. Back in December 2019, it was reported that No Time To Die had a working budget of $250m, making it already one of the most expensive films ever made – how much more would it cost now it’s been delayed by 18 months? Using reported amounts and typical industry expenses, it is in fact possible to work out just how much MGM is burning by sitting on Bond 25 (please note – this is simply an estimate. Financial predictions are innately difficult, especially during this unprecedented time).
For starters, in October 2020, The Hollywood Reporter revealed that the loans MGM took out to make No Time To Die will cost the studio $1 million in interest every month until the movie is released. Taking out loans to finance production is typical practice in Hollywood, as is the potential of pre-release interest costs, but a delay of this size is obviously very atypical – MGM probably never thought they would have to contend with these interest payments. So, with $1m a month since February 2020 (the original slated release date since Fukunaga took over), that’s $20m in interest payments alone.
Additionally, for the April and November 2020 releases, MGM promoted the movie as if it fully intended to release it: they spent large chunks of cash marketing the film, ahead of those provisional release dates (Daniel Craig even appeared on SNL, doing his best impressions to bring attention to the flick). Marketing has become an increasingly controversial cost in Hollywood in recent years, with many studios essentially competing in ‘bidding wars’ for poster space and air-time; they desperately attempt to outspend each other and bring in an audience. CBS Films Chief Marketing Officer Terry Press has even said, “marketing is the single most discussed and debated issue in Hollywood. But cutting through the clutter and building awareness takes money."
According to a detailed report by The Hollywood Reporter, an international marketing campaign for a film like No Time To Die hovers around the $200m mark – and that’s treated as an additional cost, not included in the previously mentioned production budget. It’s safe to assume the initial marketing campaign hit this lofty cost, but subsequent campaigns probably cost a little less (as recognition for the film was already created by the initial campaign). So, if the April 2020 campaign cost ~$200m, the November 2020 campaign cost ~$100m, and the future October 2021 campaign costs a further ~$100m, then the marketing total for the film cost in the region of ~$400m; around double what the normal marketing budget for a film like No Time To Die would be.
If this wasn’t enough, in late January, the British newspaper The Sun reported that, due to the film’s elongated delay, product placement deals struck between MGM and brands have become outdated – in order to avoid a breach of contract (which would cost the studio even more in conciliatory payments), MGM may have to reshoot certain scenes. For example, No Time To Die’s ‘smartphone partner’ is Nokia, and so featured the company’s then-flagship 8.3 5G model in close-up shots in the film. If the movie met its original release date, this phone would’ve been presented in the film around 6 months before it went on general sale. In other words, Nokia would’ve had the perfect advertising opportunity, tying this future phone to 007 himself.
Unfortunately, the phone was released in October 2020 and No Time To Die wasn’t. Because of this, the phone deal is now outdated, and MGM will either have to reshoot or reimburse Nokia, both of which are very expensive. Apply this same situation to all the other brands who had similar deals with the film (including Adidas, Bollinger, and Land Rover), and the cost is stacking up. According to Hollywood Branded, deals like these can usually be priced around $5m each, so it’s safe to estimate this will cost MGM at least another $40m.
So, at the current time of writing, the additional cost of postponing No Time To Die hovers around $250m, and that’s assuming the film will make its October 2021 release. If the film moves back further and further, the interest payments will only increase, and more product placement deals will have to be placated. With this skyrocketing cost, maybe MGM are kicking themselves for not accepting that easy deal from Apple TV!