Netflix (NFLX) confirmed that it is planning a sequel to the widely popular KPop Demon Hunters movie, with Maggie Kang and Chris Appelhans both returning as directors.
The Oscar-nominated animated movie was Netflix’s (NFLX) most popular film ever with more than 320M views and grossed nearly $20M on its opening weekend in theaters, making it the number one film in North America.
To entice Sony Pictures Animation (SONY) to queue up a sequel, Netflix (NFLX) paid the studio a $15M bonus, bringing Sony’s total payout for the film to $40M. This includes a $5M fee paid by Netflix (NFLX) for first option rights to retain the movie on its platform.
In addition to its success on the screen, the film’s soundtrack produced four simultaneous top 10 songs on the Billboard Hot 100 and reached more than 3B global streams.
