Sony Pictures walked into summer 2025 looking for a blockbuster hit and walked out with… well, Netflix got the big hit instead. The studio’s highest earners so far this year are 28 Years Later at $150 million worldwide and Paddington in Peru with $192 million. That’s not exactly the $500 million-plus they were hoping for, and with Spider-Man: Brand New Day still months away, the wait could be brutal. Enter Sony Pictures Animation’s KPop Demon Hunters. This $100 million-plus animated musical about a K-pop trio battling underworld monsters isn’t just doing well—it’s blowing up Netflix. The movie dropped in June and is already No. 2 on the streamer’s all-time Top 10 English-language films, racking up 25.9 million views in a single week. Netflix expects it will surpass Red Notice’s 230.9 million views soon to become Netflix’s biggest movie of all time.
The soundtrack isn’t lagging behind either. Featuring HUNTR/X, a fictitious band, and real-world K-pop sensations Twice, seven of its songs sit in Spotify’s global Top 50, with “Golden” hitting No. 1 on the Billboard Hot 100.
Sony Pictures Animation (Spider-Man: Across the Spider-Verse, The Mitchells vs. The Machines) made the movie, but Netflix owns the gold mine. Sources say Sony earned around $20 million from the deal. That’s a solid payday, but not the kind of windfall you’d expect from a film that could spawn sequels, spinoffs, Halloween costumes, and more. Sony retains rights for sequels and a potential China release, but Netflix keeps the rest. That’s a huge win for the streaming network.
But why did Sony let this happen? Timing and contracts. KPop Demon Hunters entered development in 2021, the same year Sony signed a massive “Pay One” deal with Netflix, guaranteeing Netflix first-look rights on certain films in exchange for a prenegotiated fee, capped at $20 million. With theaters still recovering from pandemic closures, it made sense for Sony to get guaranteed cash rather than gamble on a theatrical release.
The deal was safe. It allowed Netflix to greenlight films that might never have found an audience otherwise, like a Lady Chatterley’s Lover remake or People We Meet on Vacation. But no one predicted that this anime-style flick would become the cultural phenomenon it is today.
Director Maggie Kang and animation veteran Chris Appelhans worked on KPop Demon Hunters for years, while Hannah Minghella, Netflix’s animation lead, brought in Twice and tweaked the opening to hook viewers immediately.
Could Sony have turned KPop Demon Hunters into a theatrical hit? Opinions on that vary. Original animated films often struggle in theaters post-Covid, especially niche anime-style projects. Just look at Elio, Onward, Raya and the Last Dragon and Transformers One. Netflix’s algorithm, combined with viral chatter and music, created a slow-burn success that theaters might have missed.
Now Netflix is experimenting with theater releases anyway, releasing a two-day sing-along event for KPop Demon Hunters in 1,100 locations. Tickets are selling fast, but Sony won’t see a cent from the box office. For Netflix, KPop Demon Hunters is a dream: a relatively cheap hit with built-in sequels, music revenue, and a massive fan base. For Sony, it’s a reminder that sometimes you have to bet big on your own work.
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