'No Time to Die' is still halfway in breaking even with production, marketing, and pandemic incurred expenses.
Releasing a new movie in times of a pandemic is risky and complicated. The theaters may have already opened, but the ever-changing health-safety protocols and the public's concern about the Coronavirus pandemic can put box office revenues at highly unpredictable states.
The latest James Bond flick, 'No Time to Die,' is one of the movies that must endure that risk.
As of this writing, the latest 007 action film sits at $447,809,477 in the worldwide box office. That is an impressive number considering recent times. However, 'No Time to Die' still needs a lot to make up for the cost of producing the film.
'No Time to Die' costs $250 million to produce, plus at least $100 million to promote. When it comes to revenue, theaters and studios usually split the box office earnings. Studios can only take 50% of the box office income.
With the extra costs incurred in reshuffling the film's release dates to avoid the worst months of the pandemic, Variety calculated that 'No Time to Die' will have to earn between $800 and $900 million just to break even with the production cost. With the current numbers, 'No Time to Die' still has halfway to go before breaking even.
In the past, October is a great month to release a film and make a lot of profit at the box office. But that was before the pandemic landscape. Recent comparisons show that most people who are comfortable going back to movie theaters are from a younger crowd.
Older people are still hesitant to go back to the theaters since they are more vulnerable to the threats of the Coronavirus. That adds to the challenge. With the rise of the pandemic, people have opted to watch new movies through streaming services like HBO and Netflix. Theaters have to overcome the rise of new significant competition to keep the business afloat and generate enough money so studios can greenlight more films.
To do this, theaters have relied on using IMAX more, which is a feature you cannot get by watching movies at home.
“The combination of IMAX technology and this iconic franchise has proven to be a winning one at the global box office, with audiences everywhere turning out to experience Cary Fukunaga’s immersive filmmaking as it was meant to be seen,” IMAX Entertainment President Megan Colligan said in a statement.
Going back to the revenue prediction, 'No Time To Die' is yet to premiere in China on 29 October 2021 and then in Australia on 11 November 2021. China is a huge market, so there are still potential millions of movie ticket sales to generate from the country.
It is going to be a tough one last ride for Craig's Agent 007.
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