LOS ANGELES (BLOOMBERG) - The next big Hollywood movie release, Metro-Goldwyn-Mayer's James Bond flick No Time To Die, is being delayed until next year, a result of the woeful economics that studios are facing because of the pandemic.
No Time To Die, starring Daniel Craig, will now be released on April 2, the studio said, confirming an earlier report Friday by Bloomberg News.
It had already been pushed back to Nov 20 from April of this year, after the pandemic forced movie theatres across the world to close.
"We understand the delay will be disappointing to our fans but we now look forward to sharing No Time To Die next year," MGM said in a statement.
Hollywood has a growing inventory of big movies sitting on the shelf because of Covid-19.
The only major film that's been released in the US since the pandemic started, Warner Bros' Tenet, has attracted a small domestic audience - partly because theatres in New York and Los Angeles are closed. Cinemas also have to cap ticket sales to adhere to social-distancing requirements.
The Bond film, which cost about US$250 million to make, will now compete with other big movies for audience attention in 2021.
Universal's F9, part of the Fast & the Furious franchise and a major tentpole film, is also scheduled to come out April 2.
The change also means theatres will have no major movies for adults until the end of the year, when Warner Bros is scheduled to release sci-fi thriller Dune and DC Comics installment Wonder Woman 1984.
There are still several family-oriented films expected to come out in November and December, starting with Walt Disney's Soul on Nov 20.
Universal Pictures also plans to release The Croods: A New Age, on Nov 25, though that film may move to on-demand platforms soon after its theatrical debut.
Universal, a unit of Comcast, signed an agreement with AMC Entertainment Holdings shortening the exclusive runs movies get in theatres.
Additionally, analysts have warned that films could still be delayed or moved to streaming platforms, due to the uncertainty of the pandemic.