‘No Time To Die’ Could Have Cost Apple Or Netflix $600 Million
It was reported before the weekend that companies like Apple and Netflix were looking to bid for the rights to exclusively stream the upcoming James Bond No Time To Die movie. This is due to the film’s release which has been delayed to 2021, and with there being uncertainty as the coronavirus pandemic continues to rage on, a release on streaming services might not be such a bad idea.
However, it seems that obtaining the rights to stream the movie might be a bit too rich for either Apple or Netflix. This is because according to reports, MGM was looking for as much as $600 million to sell the movie to either Apple or Netflix. It was suggested that the maximum price either company was willing to pay was $300 million, which was meant to cover the cost of producing the movie and a little more for their troubles.
$600 million to pay just for a single movie is certainly a lot for a single company to take on, even a company as cash-rich as Apple. Plus there are other logistical issues that need to be considered, such as all the promotional activities involving the movie, plus the sponsors who probably had agreements with MGM with regards to promotion.
That being said, MGM is reported to be losing money due to the delay of the movie where their losses have been estimated to be around $30-50 million. In a statement made to Variety, an MGM spokesperson said, “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.”