Netflix is getting serious about movie theaters?
Speaking with Bloomberg, CEO Ted Sarandos confirmed that the upcoming "KPop Demon Hunters" sequel will receive "a very broad theatrical release."
It would have been just plain stupid not to let this one hit theaters. The prevailing sentiment is that — given how golden of an IP this is — a billion dollars worldwide is a real possibility for ‘KPop 2.’ Is it also a coincidence that the announcement comes as Netflix's subscriber growth has hit its ceiling?
It also comes as "La Bola Negra" becomes the first Netflix film to get a full 45-day theatrical window. It will be followed by Greta Gerwig's "Narnia" and the animated "Charlie vs. the Chocolate Factory," both set for wide theatrical releases next year. Before that, "The Further Mis-Adventures of Cliff Booth" (directed by David Fincher, written by Quentin Tarantino, and starring Brad Pitt) becomes Netflix's first-ever IMAX release this November.
According to Sarandos, the strategy comes down to two questions: how to serve audiences who want to see a movie on the big screen, and how to do it without hurting Netflix's own value. He argued that box office success doesn't automatically translate into bigger numbers on streaming, since a film's most passionate fans tend to catch it in theaters first. By the time it hits Netflix, what's left is the crowd that "meant to see that."
Whether this marks a lasting change in Netflix's relationship with theaters remains to be seen, but with "KPop Demon Hunters" now headed to the big screen, exhibitors have plenty to be excited about.
No release date has been announced, though some are already guessing 2029 or 2030.
There's no denying the cultural clout "KPop Demon Hunters" has gained. But how did this phenomenon happen? Some point to slick marketing and relentless word-of-mouth across platforms like TikTok and X (formerly Twitter). Others say it's the film's blend of action, gloss, and camp that makes it irresistible to the mainstream. As with most runaway hits, the truth is likely a combination of both. Would it have been as popular if Sony had kept it and given it a theatrical release? That's the million-dollar question, and I doubt we'll ever have an answer.
This isn't just any AI, though. These are tools built by InterPositive, Affleck's own startup, which Netflix recenly acquired for nearly $600M.