KPop Demon Hunters
Losing Out on the Pop
September 24, 2025
As the streaming wars kicked off, Sony Pictures was widely praised for taking a different tack in the streaming space. While Paramount, Warner Bros. and Disney took on Netflix by launching expensive proprietary services that generated financial losses, Sony executives decided to become a streaming content arms dealer of sorts and not take on the risk of creating a platform.
It soon looked like a brilliant move. In fact, in February 2024 at a DEG event, Sony Pictures’ Keith Le Goy said the studio enjoyed being a “Switzerland of content,” offering its wares to the highest bidder.
But limiting risk has its downside. A case in point is the recent success of KPop Demon Hunters, which falls under Sony’s deal with Netflix. The film has been a surprise smash for Netflix, becoming its most-streamed movie and even spawning a short but highly successful theatrical run.
Speaking at a September conference, Sony Pictures CEO Ravi Ahuja admitted that the studio may have traded away a box office block-buster.
“At the time, it made sense [to give Netflix distribution],” Ahuja said. “But now you look at the success and think maybe it could have been theatrical. Obviously, in hindsight, it’s such a big hit.”
The movie business has always been a bit of a gamble. As Sony loses out on the financial pop that comes with a surprise hit, the studio’s executives may be regretting the strategy of playing it safe.
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