“No Time to Die,” Daniel Craig’s final outing as James Bond, just blew past the $730 million mark at the worldwide box office to become the highest grossing movie of the pandemic era. The film is now ahead of Universal’s “Fast and Furious” sequel “F9,” which ended its box office run with $721 million. But just because Craig’s 007 tentpole is a pandemic record breaker does not mean it’s profitable. According to a report from Variety, “No Time to Die” is still expected to lose MGM around $100 million.
As Variety reports: “The movie cost more than $250 million to produce, at least $100 million to promote and tens of millions more to postpone over 16 months. Insiders say ‘No Time to Die’ needs to make closer to $900 million to break even, a feat that would have been realistic had a global health crisis not entirely upended the theater industry. As a result, the film now stands to lose $100 million in its theatrical run, according to sources close to production. Other industry sources suggest the losses wouldn’t quite reach the nine-figure mark though they would still be substantial.”
MGN is denying the report, however. The studio said in a statement that “No Time to Die” is turning a profit thanks to its strong box office haul and its “stellar home viewing” run. MGM decided to move “No Time to Die” onto PVOD platforms 31 days after the movie’s theatrical opening. As reported by IndieWire’s box office expert Tom Brueggemann, “No Time to Die” swept the charts when it debuted on PVOD.
“Unnamed and uninformed sources suggesting the film will lose money are categorically unfounded and put more simply, not true,” an MGM spokesperson said to Variety in a statement. “The film has far exceeded our theatrical estimates in this timeframe, becoming the highest grossing Hollywood film in the international marketplace and passing ‘F9’ to become the highest grossing Hollywood film since the pandemic. With the PVOD release of the film already doing stellar home viewing business, all while continuing to hold well theatrically, ‘No Time To Die’ will earn a profit for MGM, both as an individual film title and as part of MGM’s incredible library.”
With the holiday season about to start, “No Time to Die” should continue pulling in viewers on PVOD platforms. The film earned favorable reviews and has outgrossed previous Craig efforts “Casino Royale” and “Quantum of Solace” at the worldwide box office.