Netflix cashes in as 'KPop Demon Hunters' aims to win holiday season
The "KPop Demon Hunters" show turned out to be a smashing success, effectively rewiring Netflix’s (NFLX) scoreboard. For perspective, in the first 91 days, the animated musical notched an eye-popping 325 million views, making it the most-watched film in Netflix history, dethroning "Red ...

The "KPop Demon Hunters" show turned out to be a smashing success, effectively rewiring Netflix’s (NFLX) scoreboard.
For perspective, in the first 91 days, the animated musical notched an eye-popping 325 million views, making it the most-watched film in Netflix history, dethroning "Red Notice."
Those eyeballs helped power a sturdy quarter, spearheaded by another strong top-line showing.
However, a tax hit clipped net income, souring investor sentiment in the process. That bottom-line quibble, though, was enough to drive Netflix stock lower as investors recalibrated near-term expectations.
Nevertheless, Netflix’s management casts "KPop Demon Hunters" as a template going forward, to launch big on streaming, use eventized theatrical moments to deepen fandom, and then extend the world off-platform.
In doing so, Netflix just made a massive new move to translate that on-platform fever into physical-world demand, the kind that shows up in preorders and planograms.
It seems "KPop Demon Hunters" won’t just lift a quarter, but will sketch the new Netflix playbook for turning a streaming hit into a multi-channel business. Photo by Anadolu on Getty Images
Netflix turns biggest-ever film "KPop Demon Hunters" into global toy franchise
Netflix is aiming to turn its biggest animated success into a toy-store takeover.
The streaming giant just inked massive deals with Hasbro and Mattel to produce toys based on "KPop Demon Hunters," becoming a global entertainment phenomenon.
The movie danced onto Netflix screens in June, becoming the most-watched film in its rich history, and it's now taking the next step, extending its hit franchise into the toy aisle.
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Under the new licensing deal, Mattel will roll out the dolls, accessories, and playsets, while Hasbro will handle plush toys, role-playing items, and board games.
Preorders for Mattel’s pack of three dolls — representing the animated trio of Rumi, Mira, and Zoey from the fictional K-pop group HUNTR/X — have already opened. Hasbro’s first product based on the hit series is a themed Monopoly game that will arrive in stores by spring 2026.
Moreover, on the Q3 earnings call, Netflix Co-CEO Greg Peters hailed the film as a “punctuated value spike,” becoming a case study in how the platform’s “build the core, then extend” strategy transforms content into franchises.
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His takeaway is that "KPop Demon Hunters" serves as a proof point, demonstrating that massive, repeatable cultural moments can drive ads, licensing, and viewer retention long after the initial release.
Co-CEO Ted Sarandos took it a step further, describing the Hasbro-Mattel pact as “a rare, maybe unprecedented partnership” that helps meet the incredible demand for off-screen touchpoints.
Additionally, he frames the film as a blueprint for Netflix’s new franchise engine, where its animation and streaming-first approach, followed by selective theatrical releases, is complemented by consumer products.
Quick takeaways:
- Netflix’s biggest hit yet: "KPop Demon Hunters" surpassed 325 million streams, making it the most-watched film in Netflix history.
- Toy partnerships expand the franchise: Netflix signed Hasbro and Mattel in co-mastering toy licensees, with products set to hit the shelves by spring 2026.
- New playbook for growth: Executives feel the film proves Netflix’s powerful strategy in turning hits into global IP engines fueling ads, merch, and engagement.
Netflix Q3: clean top-line, GAAP EPS miss, guide a touch above
Netflix’s Q3 results, though, came in mostly mixed.
The entertainment giant posted a Q3 GAAP EPS of $5.87 (missing by $1.10) on sales of $11.51 billion (17.2% higher on a year-over-year basis, in line with estimates). The miss reflects below-the-line items, while sales held firm against Wall Street models.
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Guidance steadied the tape.
For the full year, Netflix expects sales of $45.1 billion (compared to the. $45.03 billion consensus), implying 16% growth. That’s effectively in line with previous commentary, which calls for 15% to 16% expansion.
Moreover, the company trimmed its 2025 operating margin target to 29% from 30% previously, reflecting investment cadence and FX.
As we look ahead, Netflix’s Q4 guidance comes in a shade better than the Street.
Sales are expected to be at $11.96 billion compared to the $11.90 billion consensus, along with an adjusted EPS of $5.45 versus $5.42. Taken together, the guidance points to stable demand and a measured margin rebuild into year end.
The obvious takeaway is that double-digit sales growth can be sustained at scale, backed by superb operating discipline intact, as the margin trajectory moderated. Hence, Netflix’s Q3 showing keeps it on the mid-teens growth path while balancing reinvestment and currency headwinds.
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