‘No Time to Die’ and the Frightening Future for Theaters
It was recently reported that MGM quietly heard offers from various streaming services about selling its upcoming James Bond film, No Time to Die. The movie has been delayed multiple times because of the coronavirus pandemic and is currently scheduled to finally hit theaters in April 2021, more than a year after it was initially set to debut.
MGM says the story isn’t true and other outlets are reporting that any deals never got far and 007 is still heading to the big screen. Yet, the rumored details of the proposed deal sounded wild: MGM was asking for something like $600 million, a number it probably would have ended up receiving from Netflix or Apple, who would pay a king’s ransom for a film as large and coveted as No Time to Die. MGM probably would have gotten the vast sum it was asking for but some force in the upper echelons of the studio put a halt on any talks. Perhaps because they’re waiting to see if the COVID-19 pandemic gets under control soon. Perhaps they’re going to re-judge the theatrical landscape after Wonder Woman 1984. Perhaps they’re hoping that Joe Biden wins the election next week and that consumer confidence goes up and movie exhibition feels hopeful again. Perhaps — and this is what’s most likely — they just felt that James Bond doesn’t belong on your TV. James Bond is the sort of storied cinematic hero who is at home on the big screen, no matter how much the movie-going business has been ravaged by COVID-19.
There is truth to that sentiment. The idea of a James Bond film heading straight-to-streaming feels as radical as, say, Iron Man or Batman debuting at home instead of in theaters. It’s such a major shift from history that it would be jaw-dropping. While No Time to Die won’t launch on Apple TV+ or Netflix, there is a chance — an increasingly big one — that a film of its caliber and size does in fact head to a streaming venue thanks to the fractured world of moviegoing caused by the coronavirus.
Yes, both Mulan and Soul bypassed theaters and went to Disney+ (those moves don’t feel that crazy but rather like acts of corporate synergy) and Tom Hanks’s Greyhound traveled to Apple TV+ after being sold. There are other movies that switched directions because of COVID. But what if something the size of No Time to Die does? What if a movie that was part of a massive franchise changes formats? That would have such a huge impact on the road ahead for movie theaters. It would absolutely terrify chains like the struggling AMC and Regal. It would indicate that, at the end of the day, studios don’t really need theaters. They can make buckets of money via streamers. $600 million is a lot of money but, really, it isn’t too much for Netflix or Apple if they land the rights to something as substantial as James Bond.
There are a lot of delayed films waiting to debut. Few are as large as No Time to Die. But there are a number of heavy-hitters sitting on the bench, waiting for COVID to dissipate. There could be a drip-drip effect in the near future. First, streamers nab films like Greyhound and The Lovebirds. But then maybe they get ahold of A Quiet Place Part II and films on that level. And Netflix or Apple or Amazon or whoever buys them prove that they can advertise and broadcast these films well. Meanwhile, the studios make a shit ton of money. This entire cycle just entices more studios to follow the lead. Before you know it, the idea of No Time to Die or a movie of that size debuting on a streaming service doesn’t sound so crazy at all. It would sound like a good idea. It would sound like money in the bank. And it would sound like the apocalypse for movie theaters.
