There’s certainly no secret in the fact that 2020 has brought much of the exhibition industry to its knees. This makes even more fascinating the recently revealed news that key streaming services- Apple and Netflix included- have explored the idea of bringing blockbuster releases like the latest 007 offerings direct to streaming. This would bypass fears of the virus lockdowns impacting box office takings in a more traditional theater environment entirely.
The point’s been rendered slightly moot at the moment, given ‘No Time to Die’ has been pushed back to a 2021 release alongside other potential blockbuster tentpoles such as Dune, The Batman, and Black Widow. The cost-so-far of the delay on the Bond blockbuster has been pegged as high as $50 million, so it’s more than understandable that MGM wants to see a return on its delayed investment.
While ‘No Time to Die’ may be the biggest film suggested to go direct-to-stream, it’s far from the only one. Sony and Paramount have already boosted their bottom lines by millions this year selling movies to streaming services, leaving the struggling exhibition industry and its uncertain future out of the deal entirely.
To date, we have no firm comment on this particular deal from MGM, who have merely dismissed the rumors as exactly that, refusing to comment further. Insiders from MGM suggest the price tag for the next installment in the 007 franchise would be around the $600 million marks anyway, far beyond the pockets of even the bravest streaming services. Not to mention any such deal would still require the approval of Eon production company, who may well not want to see Daniel Craig’s last outing as 007 skip the theater environment for the first time in film history.
No Respite For Theaters As Yet
Needless to say, this idea of ‘straight to streaming’ does nothing to help the ailing exhibition industry. While we’ve seen more and more theaters reopen as state lockdowns ease, the dire lack of new releases continues to plague them. Even more intriguing, however, we’re seeing a pendulum swing in the exhibition industry. With China able to ease lockdown restrictions and public worries both, in a way the U.S has not managed to date, we’ve seen the country take the lead in the exhibition industry, with theaters operating at 75% capacity and the public far happier to resume a normal life and pack seats. Many experts suggest this China-led dominance for the exhibition industry and the blockbuster market both may well be a change that will linger, revolutionizing the way hit releases for theater work long after the global health crisis has faded.
Will this indeed be the case? Like the purported swing towards more and more big-draw releases going straight to streaming networks, we cannot yet be entirely certain if these will merely be COVID-19 adaptations or long-term changes to the industry. What is for certain, however, is that BLAKE & WANG P.A will continue to watch both situations with the greatest of interest. Keeping our clients on top of the latest movie industry trends is a key part of what we do- so watch this space for further developments.
