Translation:That production takes between three and four months.
I am guessing it may mean both.
If the latter, it would make more semse to translate "dauert" as "takes" (as in the process of production of something taking 2 to 3 months).
If the same word can mean a theatrical production, in English, we wouldn't say "takes" and we wouldn't say "takes" either: more likely, "is running for" or "is on for".
In the latter case it would be more normal to say "This takes [some range of time] to produce, where "this" would refer to a particular product. Another possibility would be "Production takes [some range of time.] Without "This." This alternative would place less emphasis on the thing or things being produced.