Friday, March 5, 2021

‘No Time to Die,’ ‘Ghostbusters: Afterlife,’ ‘Uncharted’ delayed

Follow Us on Social Media

Daniel Craig stars as James Bond in “No Time To Die.”

Source: MGM

As the coronavirus pandemic continues to rage in the United States, Hollywood is once again shuffling its movie releases.

On Thursday, MGM and Sony both announced that major films from their 2021 slate would be postponed. Among those titles are the latest James Bond flick “No Time to Die” and “Ghostbusters: Afterlife.”

Here are the latest calendar moves:

  • “No Time to Die” delayed until Oct. 8, 2021
  • “Peter Rabbit 2: The Runaway” pushed to June 11, 2021
  • “Cinderella” moves to July 16, 2021
  • “Ghostbusters: Afterlife” will now debut Nov. 11, 2021
  • “Uncharted” has been postponed until Feb. 11, 2022

The U.S. is recording at least 194,252 new Covid-19 cases and at least 3,054 virus-related deaths each day, based on a seven-day average calculated by CNBC using Johns Hopkins University data. Those figures have given studios pause when it comes to big blockbuster releases.

Studios are worried that continued increases in coronavirus cases will keep moviegoers away from cinemas even with new titles playing on big screens. Many of these films have large production budgets and rely on strong ticket sales to break even.

“Given the uncertainty of the marketplace, a change of date is certainly better than a change of venue so to speak from big screen to small screen,” said Paul Dergarabedian, senior media analyst at Comscore. 

“No Time to Die” is one example of this. The MGM film has an estimated budget of $250 million, adding marketing costs, which are typically half of what is spent on production, the studio needs to recoup at least $400 million.

“Spectre,” the James Bond film released in 2015 garnered more than $879 million at the global box office while its predecessor, 2012’s “Skyfall” topped $1.1 billion. With “No Time to Die” expected to be actor Daniel Craig’s last turn as the famed 007, ticket sales were expected to be high.

“No Time to Die” has seen several delays. It was first pushed from its November 2019 release when Danny Boyle, who was supposed to write and direct the film, left the project. It bounced between a few dates before landing a release in April 2020. However, the coronavirus pandemic pushed it to November 2020 and then to April 2021. Now it’s headed to October.

“Those who have their eye on the long game understand that for a film like Bond, and many others, the prestige, exclusivity, and revenue generating potential of the movie theater is still undeniable and indeed still worth waiting for,” Dergarabedian said.

Sony, which announced four film moves Thursday, was one of the studios that had opted to shift most of its 2020 schedule to 2021. “Peter Rabbit 2: The Runaway,” “Cinderella” and “Ghostbusters: Afterlife” have all been pushed until later this year while the Tom Holland-led “Uncharted” will now arrive in 2022.

Disclosure: Comcast owns NBCUniversal and CNBC. Universal is releasing “No Time To Die” internationally while MGM handles the domestic release.

Source link

Latest news

Public Health Experts Slam States’ Moves to Ditch Masks

Other states lifting mask orders are trending better, but on Wednesday, CDC Director Rochelle Walensky, MD,...
All countries
21,768,055
Total Active Covid19 Cases
Updated on March 5, 2021 12:50 am

Florida teachers of all ages can get vaccine at FEMA sites, CVS, Walmart

Florida educators are being allowed to get the coronavirus vaccine at FEMA sites and Publix, CVS and Walmart pharmacies across the state. The locations...

André Leon Talley asks that GoFundMe donations be returned

André Leon Talley is not seeking financial assistance via GoFundMe as he battles to keep the Westchester mansion he’s called home since 2004. Designer Akeem...

Why Rising Rates Are Unsettling Wall Street

NEW YORK: Interest rates keep marching higher, and Wall Street keeps shaking because of it.The yield on the 10-year Treasury climbed back above...

Related news

5 things to know before the stock market opens March 4, 2021

Here are the most important news, trends and analysis that investors need to start their trading day:1. Stock futures point to more weaknessTraders on...

Watch flight test and landing attempt

Elon Musk's SpaceX is preparing to launch the latest prototype of its next-generation Starship rocket on Wednesday, in the third high-altitude flight test of...

‘Extraordinary times take extraordinary efforts’

Johnson & Johnson CEO Alex Gorsky discussed Tuesday the company's unprecedented partnership with rival Merck to boost production of its Covid-19 vaccine."Extraordinary times take...

5 things to know before the stock market opens March 2, 2021

Here are the most important news, trends and analysis that investors need to start their trading day:1. Stocks set to drop after S&P 500's...