'No Time To Die' postponed to April, 2021

The adverse effects of the pandemic on the box office revenue of several high-budget films released worldwide have forced studios to rethink their strategies.

In their joint statement, Universal Pictures, MGM and Bond producers Barbara Broccoli and Michael G Wilson said, "We understand the delay will be disappointing to our fans but we now look forward to sharing No Time To Die next year."

Apart from No Time To Die, another big-budget film also faces release postponement.

F9, the ninth instalment of the Fast & Furious franchise and sequel to 2017's The Fate of the Furious, will now hit theaters on May 28 next year.

Universal Pictures backs F9, which is also distributing No Time To Die globally, making 2021 a battle between Bond and cars.

The 25th instalment in the Bond film series is made at a $250mn budget and producers have already lost a lot while delaying its release earlier this year.

But since COVID-19 isn't slowing down, it's better to wait.

Meanwhile, this development means November and December have a bleak theater run, now that tentpoles like Tenet and Mulan are not faring that well, either.

In a separate but related news, reports say that Warner Bros. has been hushing up Tenet's box office revenue disclosure, angering rival studios.

The studio is going against industry norms so that rivals and media don't term it as a failing tentpole by ignoring the COVID-19 hardships.

Given the situation, many studios, including Universal, are mulling OTT releases over theater to recoup costs.