‘Godzilla Minus One’ U.S. Success ‘Wasn’t a Strategy; We Just Tried,’ Says Toho CEO at Tokyo Festival

Japanese studio giant Toho’s North American release of “Godzilla Minus One” was a turning point in the company’s approach to the global market, CEO Matsuoka Hiro said at the Tokyo International Film Festival on Thursday.

Matsuoka was speaking at an “Academy in Tokyo” session with Bill Kramer, CEO of the Academy of Motion Picture Arts and Sciences. The film went on to gross $57.1 million in North America.

The result grew out of an opportunity Matsuoka encountered during a U.S. trip. In conversations with exhibitors, he heard that Hollywood studios were not making enough films to meet audience demand. They suggested Toho consider anime; Matsuoka said the discussions helped him recognize the popularity of Japanese animation in the U.S. Since Toho already had “Godzilla,” the company decided to take the franchise to the market itself.

The move was not an obvious one inside Toho. Matsuoka said colleagues were concerned when he proposed the U.S. release, as the company had previously struggled to distribute its films successfully outside Japan. But the film performed well, and, he said, the revenue returned to Toho.

“It was all a coincidence,” Matsuoka said of the opportunity. “It wasn’t a strategy; we just tried.”

For Matsuoka, the experience showed the value of testing new approaches as Toho expands its international business. Toho’s follow-up, Yamazaki Takashi’s “Godzilla Minus Zero,” will open in Japan on Nov. 3 and in North America on Nov. 6 through Gkids, the U.S. distributor Toho acquired in 2024.

The broader conversation turned to how theatrical exhibition and streaming can serve different roles in reaching audiences. Matsuoka said the two are “more like coexisting than enemies.” He noted that Japanese cinemas have drawn audiences back since the pandemic with repertory screenings, including retrospectives of Miyazaki Hayao’s films.

Kramer pointed to “Parasite” as evidence of a more global film culture, recalling director Bong Joon Ho’s remarks about audiences becoming more open to subtitles and films in other languages. Kramer also said theatrical exhibition can introduce younger generations to film history, while streaming gives films another life after their cinema run.

Asked about Asia’s share of the global film market, Kramer called the region “an extremely important market” and said it was a key reason for the Academy’s presence in Tokyo. He said 25% of the Academy’s voting members are based outside the U.S. and described partnerships with film festivals as a way to bring members together and reach potential members. The Academy’s work, he added, extends beyond the Oscars to educating people and inviting them to engage with the film industry.

The executives also addressed artificial intelligence. Matsuoka called AI a tool that could maximize workflow, while cautioning that companies should keep a close eye on its effects. Kramer said that, as the industry evolves, the Academy continues to reward human authorship and creation.