The success of a movie about K-pop performers fighting supernatural enemies has Wall Street wondering if Netflix has found its next big franchise. A limited theatrical run of “KPop Demon Hunters” this weekend appears to have led the box office with $16 million to $18 million in sales, according to The Associated Press , who cited industry executives on the condition of anonymity. Netflix has not confirmed those figures or reported its own numbers. If correct, they would mark Netflix’s first No. 1 film in its history. “It certainly is promising — no doubt about that,” said Morningstar analyst Matthew Dolgin. Shares popped 1.6% in on Monday, outpacing the S & P 500 — which lost around 0.2% on the day. NFLX .SPX 1D mountain Netflix vs. S & P 500, 1-day Garnering ‘cultural purchase’ The animated film’s theatrical performance is unusual given Netflix’s focus on driving consumers to its streaming platform rather than brick-and-mortar film houses. “KPop Demon Hunters” was also available on Netflix prior to its in-theater run, meaning subscribers could see it immediately without having to shell out for tickets. The in-person screenings this weekend were branded as sing-along experiences. Argus analyst Joseph Bonner said the movie’s in-theater run can be seen more as a marketing ploy than a way to drive revenue. A hit from Netflix in traditional theaters can remind consumers of the quality and diversity of content on the platform, he said. It’s an especially important win for Netflix, Bonner said, given that the company hasn’t been historically viewed as a strong competitor in youth-focused or animated media. “This is exactly what they want to do,” Bonner said. “They want to create content that will gain some cultural purchase,” or cachet. Bonner said Netflix likely won’t lean into more theatrical runs as a result of “KPop Demon Hunters” performance, though he did call it a “feather in the cap” for the company. He added that it debuted in late August, which is not a particularly competitive period for the box office. While Morningstar’s Dolgin said early indications are positive, he said it’s too soon to tell if the movie has the staying power to become a major franchise for Netflix. The total benefit for Netflix will depend in part on additional revenue streams tied to the movie, such as from merchandise or the soundtrack, he said. This comes at an already strong moment for Netflix. The stock has outperformed the broader market in 2025 with a surge of more than 37%, while the S & P 500 is up just 9.8%. Wall Street sees even more upside ahead for the streaming giant: LSEG data shows the average analyst price target on Netflix signals more than 9% upside. On top of that, 35 of 50 analysts covering the stock rate it a buy or strong buy. Short Hills Capital Partners’ Stephen Weiss was one investor pleased with the development. “They constantly add to their value proposition,” Weiss said Monday on CNBC’s ” Halftime Report .” “They continue to brand and they continue to do quite well.” Netflix declined CNBC’s request for comment.