James Bond is in a precarious spot — the franchise, that is, not the character himself. Until a few months ago, the brand had been in an icy holding pattern, with little happening but a great many arguments. Amazon had purchased MGM Studios for $8.45 billion in 2021 — in part so that they could make Bond films — only to find that producer Barbara Broccoli and her half-brother, Michael G. Wilson, still had complete creative control of the franchise. Amazon wanted to work with them, but Broccoli wasn’t as enthused by their ideas, particularly when, as noted in a lengthy December report in the Wall Street Journal, Amazon executives started discussing Bond “content.” Broccoli, in turn, thought they were “idiots” and stopped them from making much.

A Bond-themed reality show hosted by Brian Cox of “Succession” was their only film or TV release, and it flopped on arrival. Meanwhile, IO Interactive’s new Bond game, “007 First Light,” looks superb, but it won’t be released until next year and has been in development for several years. The announcement trailer only released earlier this month.

This holding pattern — of Amazon proposing ideas and Broccoli killing them — lasted until February, when Broccoli sold out the creative rights to the brand for an unspecified fortune. On hearing the news, the internet and industry was abuzz with questions.

Who would be the next Bond? Would he appear in a TV show or a film franchise, or both, or several of both? Would they respect the storied property they have spent billions buying, or milk it dry, as Disney did with Marvel and Star Wars?

Time will only tell, but today provided a good sign, as Amazon announced that Denis Villeneuve will direct the next Bond film. A Quebec-born auteur, Mr. Villeneuve came to fame with dark thrillers and dramas — notably, “Incendies“, “Prisoners“, “Enemy,” and “Sicario” — before raising his budgets and ambitious with large-scale genre pictures.

2016’s “Arrival” earned him his first Best Director Oscar nomination; “Blade Runner 2049” was a fantastic legacy sequel to a film that didn’t need one; and his two-part adaptation of “Dune” proved that you could stay authentic to nerdy source material while also making a broad, accessible, and entertaining blockbuster.

One can hope that he brings this same manner to Britain’s famous spy, and it seems encouraging. He’s a great director to pick — more intensive to the source material than peers like Tarantino or Nolan, but still with a distinct, auteur eye — and I’m excited for his take on Bond.  

In Amazon’s announcement, Mr. Villeneuve is quoted as saying that:

“Some of my earliest movie-going memories are connected to 007. I grew up watching James Bond films with my father, ever since Dr. No with Sean Connery. I’m a die-hard Bond fan. To me, he’s sacred territory. I intend to honor the tradition and open the path for many new missions to come.”

The famed producer Amy Pascal will also work with him on the film.

It’s easy to read too much into the references here, but there are some important takeaways to consider. For one, Mr. Villeneuve wasn’t interested in signing a multi-film franchise contract and is only committing to a single picture — for now. But part of the appeal, too, is that he can shape his world of spycraft as he sees fit. Amazon’s executives will still have to sign off on — and contribute to — the ongoing major creative decisions, but he will have pitched a setting, period, and tone, which Amazon has bought into.

A large outstanding question remains when this film will release. Mr. Villeneuve is in pre-production for his third “Dune” film, so a 2028 release seems the earliest possible.

Regardless, it’s an encouraging first announcement for Amazon. Next, we have to see if they get Bond’s casting right.