Variety had reported that streaming platforms like Apple and Netflix had explored the possibility of an OTT release for the Daniel Craig vehicle, No Time To Die, but MGM, the studio behind the movie, reportedly was seeking a deal of around $600 million.
“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 had however told Variety.
According to insiders, due to the delays caused by the coronavirus pandemic, MGM is reportedly said to have lost $30 million to $50 million.
No Time To Die cost more than $250 million and is part of multiple promotional partnerships to help with the costs – including those with Land Rover, Omega watches, and Heineken. It is assumed that if the studio does go ahead with an OTT release, these companies would also have to be on board with the plans and this could prove to be a challenge for the studio.
Now, according to media reports, the studio is allegedly losing $1 million (around Rs 7.5 crore) for every month that the film sits on the shelf.
The Hollywood Reporter states that MGM is not in a position to pay off its debts until the film starts making money.