Even though the film industry has experienced a terrible crisis since the start of the pandemic, the latest James Bond is doing well but still loses millions of dollars.
The weekend of November 21 marked an important stage in the journey of To die can wait at the cinema, report Variety . The last James bond surpassed $ 730 million in worldwide revenue, making the production the highest-grossing Hollywood film of the year and the highest-performing at the box office since the health crisis.
Recall that the film cost more than $ 250 million to produce, no less than $ 100 million was spent on promotion and tens of millions more to postpone it for several months. This is why many sources close to the production believed that the feature film would have difficulty reaching its break-even point, which is around $ 900 million, and could even risk losing $ 100 million.
This information was quickly denied by a spokesperson for MGM, the production studio behind this James Bond, whose comments were collected by Variety : “Anonymous and misinformed sources suggesting that the film will lose money are absolutely unfounded and not true. The film far exceeded our estimates for theaters during this time, becoming the highest grossing Hollywood film in the international market, surpassing “Fast and Furious 9” as the highest grossing Hollywood film since the start of the pandemic. With the release of the film in streaming, which has already achieved an excellent score in terms of home viewing, while continuing to hold up in theaters, “No Time To Die” will earn MGM a profit, both as a film title and as part of MGM’s incredible library.“
If we compare To die can wait to previous James Bond, he made more money than Casino Royale in 2006, with $ 616 million and Quantum of Solace in 2008 and its $ 589 million. However, it is significantly lower than its two predecessors. Sky Fall grossed $ 1.1 billion and Specter, $ 880 million. While at the domestic box office, a Daniel Craig James Bond has never performed so poorly, his presence on streaming platforms, such as Amazon Prime Video and Diney Plus, after 31 days in theaters, has allowed him to thrive.
The film industry in crisis
The very fact of considering that the last James Bond may not be profitable is quite revealing of the harsh reality currently facing big budget films and more generally the film industry, which is struggling to recover. The latest Marvel such as Shang-Chi and the legend of the ten rings , The Eternals , Suicide Squad or the last Christopher Nolan Tenet are experiencing losses in the tens of millions of dollars. As for one of the most anticipated films of this end of the year, The last duel , directed by Ridley Scott, is also in the negative. With a production of over $ 100 million, the feature film grossed only $ 27.4 million worldwide.
The health crisis has also changed the way we look at cinema. Indeed, the pandemic came at a time when many media companies, such as Disney, CBS or WarnerMedia, were launching their own streaming services. This is why many films, in an attempt to be more lucrative, have been released both in theaters and on streaming platforms, drastically reducing box office profitability. The right limit has yet to be found.