The release of new James Bond film No Time to Die has been delayed - here's why
Bond producers did not directly state that the decision to postpone upcoming film, No Time to Die, was due to coronavirus, but did say the decision was made after "careful consideration and thorough evaluation of the global theatrical marketplace."
Bond is a global franchise, and this was set to be the largest blockbuster of the season. Now fans will have to wait until November 2020 to see the Daniel Craig play the role of Bond one last time.
What about other Hollywood releases?
The issue for movie producers is that, if governments shut down public spaces to contain coronavirus, then they will make no money at cinema box offices.
Many blockbuster movies plan their release months ahead of schedule to ensure they don't overlap with competing titles. If films start cancelling, it creates a backlog of movies, resulting in a loss of revenue for filmmakers.
The marketing minds Bond had already launched most of the film's advertising and hype, especially with the release of the new theme No Time to Die, by LA born singer, Billie Eilish.
'If No Time to Die dies, MGM sinks'
Film reviewer, Anthony D'Alessandro, wrote for Deadline, "At this very minute in major studio distribution huddles across town, there's war-room talk of what major event pictures could potentially move in the next three months as executives try to assess coronavirus' impact at the global box office."
He further explained the impact that Asian markets have on a movie such as No Time to Die.
"With the collapse of booming markets like South Korea, Taiwan, the Philippines, Hong Kong and China, that wasn’t possible (see chart below). And if No Time to Die dies, well that sinks MGM," said D'Alessandro.
MGM, Universal and Bond producers, Michael G. Wilson and Barbara Broccoli, announced today that after careful consideration and thorough evaluation of the global theatrical marketplace, the release of NO TIME TO DIE will be postponed until November 2020. pic.twitter.com/a9h1RP5OKd
— James Bond (@007) March 4, 2020
However, two other major blockbusters, Marvel's Black Widow, and Universal's Fast & Furious 9, are still both set for release in May.
Louise Tutt from Screen International, told the BBC, "I should think the distributors and the studios are monitoring the situation every hour, so everything might change again".