$100M into Cosm, 21M Crunchyroll subscribers, a seat at the Letterboxd table — the blueprint for monetizing IP across layers, without a general streaming platform
Sony has no Netflix, and no Disney+. The only Hollywood major that never built a general-purpose streaming platform is nonetheless becoming the company that extends the life of content furthest outside the platforms. Instead of delivering a film or an anime once and moving on, Sony moves the same IP through subscriptions, theaters, immersive spaces, live events, and fan communities — generating revenue from it again and again.