World News – GB – Daniel Craig’s No Time to Die costs studio $ 1 million in interest per month while on shelf: report

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The James Bond film No Time to Die is reportedly grossing $ 1 million (around Rs 75 crore) in interest, every month that it sits on the shelf The film, originally slated for release in April, has been delayed several times due to the coronavirus pandemic No Time to Die is now slated for release in April 2021

According to an article on The Hollywood Reporter, MGM is racking up costs due to the delay and is unable to pay its debts until the film starts making money This follows recent reports that the studio had purchased the film from streaming services, demanding up to $ 600 million (Rs 4,400 crore) for the rights

« MGM is suffering Every major distributor at this point has a stack of expensive unreleased films The heap is getting bigger by the day, » Hal Vogel, CEO of Vogel Capital Research told THR « These films are inventory They sit there no return on their investment Even with low interest rates, interest costs accumulate « 

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

Due to the film’s delay, UK cinema chain Cineworld has been forced to close Odeon Cinemas have switched to weekend-only opening times for a quarter of their theaters

During this time, 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 one of the first films to forgo a theatrical release in favor of a live premiere on OTT Ludo and The Big Bull by son Abhishek Bachchan are slated for release on Netflix and Disney Hotstar, respectively

Also read: Deal to Sell James Bond Film No Time to Die to Streaming Services for Rs 4,400 crore ‘Openly’ Explored: Report

« We are not commenting on rumors The film is not for sale The film’s release has been postponed to 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, would have been produced for 250 million dollars According to the report, MGM has already lost between 30 and 50 million dollars because of the delay

No time to die, Metro-Goldwyn-Mayer, Daniel Craig, James Bond, Netflix

News from the world – UK – No time to die from Daniel Craig, costing the studio $ 1 million interest per month while it sits on a shelf: report



SOURCE: https://www.w24news.com/news/world-news-gb-daniel-craigs-no-time-to-die-costs-studio-1-million-in-interest-per-month-while-on-shelf-report/?remotepost=494980

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