MGM Faces Dilemma Over OTT Release of New '007' Film

Proposal of More Than Double the Production Cost After Consecutive Theater Release Failures
Need to Obtain Consent from Land Rover, Omega, and Heineken to Cover Production Expenses

Hollywood production company MGM is reportedly considering an online release for the new '007' series film, 'No Time to Die.' According to entertainment media Variety on the 25th (local time), MGM proposed a selling price of $600 million (approximately 677.4 billion KRW) to online video streaming services (OTT) such as Apple and Netflix. This is a fallback plan to reduce losses. 'No Time to Die' has already spent $30 million to $50 million on promotion and marketing costs. However, due to the spread of the novel coronavirus (COVID-19), the film could not be released in April as planned, and the revised release date of next month 20th was postponed again to April next year. An online release is also expected to face difficulties. It is known that $250 million was invested in the production of this film. Considering the high recognition of the '007' series, MGM set the selling price at more than twice that amount. This level is difficult for OTT companies to readily accept. Sponsors' consent is also required for a direct online release. These include Land Rover, Omega, and Heineken, who covered the production costs. They may not welcome an online release. In fact, 'Coming to America,' starring Eddie Murphy, was able to be sold to Amazon Prime after obtaining consent from McDonald's and Crown Royal.