KPop Demon Hunters: The Most Popular Film EverNarrow moat

Netflix (NFLX) — moat facet

KPop Demon Hunters spent more than a year in Netflix's Global Top 10, showing what owning a hit is worth.

Owned hits are worth more than rented ones, and Netflix now has one of its own. KPop Demon Hunters became "our most popular film ever"1, and by mid-2026 it was the first title to spend more than 52 consecutive weeks in Netflix's Global Top 102. The company started original animation in 20183.

KPop Demon Hunters and the owned-IP businessGlobal Top 10 runmore than 52 consecutive weeksOriginal animation since2018Tudum visits 2025232 millionNetflix HousesDallas and King of PrussiaNetflix Q3 2025, Q4 2025 and Q2 2026 shareholder letters
One hit that kept going.

A title that lasts a year in the Top 10 earns its cost many times over, because the viewing keeps coming at no extra spend. It can also move beyond the screen. Netflix's fan site Tudum had 232 million visits in 2025, and the company has opened Netflix Houses in Dallas and King of Prussia4.

This is what owning the intellectual property allows: merchandise, experiences, sequels, all controlled by Netflix rather than the studio that licensed it.

One hit does not make a franchise machine, and Netflix's owned characters with that kind of staying power can still be counted on one hand.

Animation suits the owned model. Animated titles travel across languages easily and can be extended into sequels, merchandise and live experiences without depending on actors' schedules. Netflix started original animation only in 20185, and its most popular film is animated.

The figure to watch is how often Netflix produces titles with this staying power. If another original spends a year in the Global Top 10 within two years, the ability is repeatable; if not, KPop Demon Hunters was a fortunate exception.

Moat trajectory: Widening

First title above 52 consecutive weeks in the Global Top 10.

The number that tests this moat
Reported
Tudum fan-site visits, full year
232 million (2025)

Engagement beyond the screen; a fall would mean the franchises are not travelling beyond viewing.

Source: Netflix Q4 2025 shareholder letter ↗
⚠ Threats to the moat
⚠ THREAT 01
Hits Cannot Be Scheduled
Netflix can fund hundreds of titles a year, but it cannot schedule the rare hit that becomes a franchise.
References
  1. ReportedKPop Demon Hunters became "our most popular film ever", and by mid-2026 it was the first title to spend more than 52 consecutive weeks in Netflix's Global Top 10.
    Netflix third-quarter 2025 shareholder letter, Form 8-K exhibit 99.1 - the Brazil tax charge, the ads plan in 12 markets, US and UK view share and KPop Demon Hunters. — Q3 2025 · publ. 21 October 2025 · source ↗
  2. ReportedKPop Demon Hunters became "our most popular film ever", and by mid-2026 it was the first title to spend more than 52 consecutive weeks in Netflix's Global Top 10.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - programming, engagement, live events and product. — Q2 2026 · publ. 16 July 2026 · source ↗
  3. ReportedThe company started original animation in 2018.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - programming, engagement, live events and product. — Q2 2026 · publ. 16 July 2026 · source ↗
  4. ReportedNetflix's fan site Tudum had 232 million visits in 2025, and the company has opened Netflix Houses in Dallas and King of Prussia.
    Netflix fourth-quarter 2025 shareholder letter, Form 8-K exhibit 99.1 - 325 million paid memberships, 2026 guidance, advertising revenue, named competitors, content licensing and the pause in buybacks. — Q4 2025 · publ. 20 January 2026 · source ↗
  5. ReportedNetflix started original animation only in 2018, and its most popular film is animated.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - programming, engagement, live events and product. — Q2 2026 · publ. 16 July 2026 · source ↗
Sources
Generated September 26, 2026