Netflix‘s “KPop Demon Hunters” Surpasses Expectations, Highlighting Shift in Film Distribution & Sony’s Strategic Decision
Los Angeles, CA – Netflix is experiencing an unexpected blockbuster with kpop Demon hunters, a film originally sold by Sony Pictures in 2021, now exceeding 236 million views and sparking a conversation about the evolving landscape of film distribution and the power of the KPop fanbase. The film’s success has left both companies reassessing their strategies, with Sony potentially missing out on a valuable intellectual property possibility as Netflix prepares for potential franchise expansion.
The film’s performance is particularly noteworthy given the context of the entertainment industry in 2021. The film industry was struggling due to COVID-19 restrictions, with diminished cinema attendance and uncertainty about the future. Sony, facing a challenging market and actively seeking new intellectual property to rival the franchise capabilities of Disney and warner Bros, sold the film to Netflix for a reported $20 million.
At the time, Sony leadership had been vocal about their need for new, expandable content. The decision to sell KPop Demon Hunters now appears, in retrospect, to be a strategic miscalculation given it’s current popularity. The film’s low barrier to entry – readily available to Netflix’s existing subscriber base – proved crucial to its rapid ascent. The author notes that viewers might have been less inclined to risk the cost of cinema tickets, especially for an unknown property. Repeat viewings within households have also considerably contributed to the film’s impressive viewership numbers.
The success of KPop Demon Hunters underscores a broader trend: audiences are increasingly hesitant to venture to cinemas unless the offering is a known quantity – a sequel or part of an established franchise. Even established brands like Disney’s recent fantastic Four release are facing challenges in guaranteeing profitability.
The film’s success also shines a spotlight on the global phenomenon of KPop. While perhaps not fully mainstream in markets like Ireland, KPop boasts a massive international following. Psy’s “Gangnam Style” broke records in 2012 as the first video to reach one billion views on YouTube. Today, groups like BTS and BlackPink dominate streaming charts and social media. BTS has songs exceeding two billion streams on Spotify, while BlackPink commands nearly 100 million YouTube followers and 55 million Spotify followers with 33 million monthly listeners.
blackpink’s recent European tour, including dates in Paris, London, and Milan, drew an audience of approximately 300,000 fans across six nights, demonstrating the genre’s expanding reach beyond Asia.KPop Demon Hunters tapped into this pre-existing, highly engaged fanbase, proving the potential for KPop-centered content to resonate with a global audience.
