Sony CEO Regrets Selling KPop Demon Hunters Netflix Hit

Sony Pictures Animation's film "KPop Demon Hunters," originally developed and greenlit by Sony, was sold to Netflix under a 2021 output deal and has since become Netflix's biggest hit with over 266 million views and a $19.2 million theatrical weekend despite limited release. Sony Pictures CEO Ravi Ahuja expressed mixed feelings, acknowledging that while the deal made sense during the pandemic and Netflix paid the entire production cost plus a profit premium, in hindsight, the film might have been a major theatrical franchise for Sony. Netflix not only streamed the film but also gave it a two-day theatrical push, which led to strong box office results fueled by word of mouth. Although Sony owns some music rights through Sony Music Publishing and is involved in sequel production, Netflix holds the intellectual property and distribution rights for the franchise, including merchandise. Ahuja emphasized that the film's specific K-pop theme made Netflix the right home but admitted the theatrical success raises questions about what could have been. Ongoing negotiations are underway for sequels, with co-directors returning, but it remains unclear if those will receive theatrical releases.