We recently wrote in September that Bond was destined to bring audiences back to cinemas as they face losses of almost £1 billion in some cases due to the Covid-19 pandemic.
The producers have changed the release date to 2nd April 2021, this comes already after suffering an extra $30 million in marketing costs for delaying till November.
Since then MGM/Universal have released a trove of marketing materials featuring the new date.
The newest marketing release was the Billie Eilish Video for the number one hit, “No Time To Die” which was released on October 2nd.
2020 has officially been CANCELLED following No Time To Die’s delay
In an even more bizarre turn is the fact the cancellation came late the same evening, and is horrific news for exhibitors world-wide, but especially within the UK.
As American audiences are still closed out of the NY/LA markets which make a lot of Hollywood bank, the releases of blockbusters have been delayed.
But 007 was a different story, primarily taking 70-80% box office within markets outside of North America, industry leaders hoped they’d still continue with its November release.
The situation is also murky for the sponsors for product placement within the film, Bond is infamous for product placements, and No Time To Die counted various partners such as Omega, Aston Martin and Heineken.
They pay huge amounts that contribute towards the films $250 million budget and have already contributed to their own marketing plans for the November 12th release.
The uncertainty with COVID-19 especially within the UK has pushed producers to make this decision. When the UK is heavily rumoured to be facing a series of ‘circuit breaker’ lockdowns, it wasn’t boding well.
Whilst MGM are confident the box office will return to better numbers for an April release, this is in no way a guarantee. Despite multiple vaccines being in development, it will take months, if not a year to ensure everybody is vaccinated.
The possibility also remains that a vaccine won’t be possible.
THIS WILL RESULT IN CINEMA CLOSURES AND JOB LOSSES
We cannot underestimate the impact of this delayed-release, with some cinemas already unopened despite the furlough scheme ending soon, with cinemas closing shop in October waiting for the Bond release come November…
There most certainly will be job losses, and cinema closures for good, before 2020 is over.
With Soul the only tentpole remaining for November, and given Disney’s previous history of delays so far, we cannot bank on its release.
LONGER TERM EFFECTS
The widespread effects not only within the UK but America could be devastating as chains already struggle with the lack of releases.
The Cineworld chain is already reportedly close to liquidation and this will seriously undermine their efforts to save countless jobs and sites worldwide.
The question remains just what are Cinemas supposed to be showing to audiences in October/November?
How can they turn a profit after months closed due to lockdown after this news?
And how can they support & continue to pay their staff, when the figures just aren’t there?
What do you make of this news?
Are you as upset as we are to hear about No Time To Die’s delay into 2021?
Let us know your thoughts in the comments below.