Toho CEO: 'Godzilla Minus One' US Hit 'Wasn't a Strategy; We Just Tried'

Toho's "Godzilla Minus One" grossed $57.1 million in North America — and the Japanese studio's CEO says the success came by accident, not design.

CEO Matsuoka Hiro told an "Academy in Tokyo" session at the Tokyo International Film Festival on Thursday that the 2023 release marked a turning point in Toho's approach to the global market. He shared the stage with Bill Kramer, CEO of the Academy of Motion Picture Arts and Sciences.

How did the U.S. release happen?

The idea grew out of a U.S. trip. In conversations with exhibitors, Matsuoka heard that Hollywood studios were not making enough films to meet audience demand. The exhibitors suggested Toho consider anime. Matsuoka said those discussions helped him recognize the popularity of Japanese animation in the U.S. Since Toho already owned "Godzilla," the company decided to take the franchise to the American market itself.

The decision faced internal resistance. Matsuoka said colleagues were concerned when he proposed the U.S. release, because Toho had previously struggled to distribute its films successfully outside Japan. The film performed, 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 demonstrated the value of testing new approaches as Toho expands its international business. That claim carries a caveat of its own: one hit does not prove a distribution model, and Matsuoka himself framed the result as luck. The next test arrives quickly.

What comes next for Toho?

Toho's follow-up, Yamazaki Takashi's "Godzilla Minus Zero," opens in Japan on Nov. 3 and in North America on Nov. 6 through Gkids — the U.S. distributor Toho acquired in 2024. That acquisition, combined with the new release dates, signals that the studio intends to repeat the direct-to-market play rather than treat "Minus One" as a one-off.

Theatrical versus streaming: enemies or partners?

The conversation also addressed how theatrical exhibition and streaming serve different roles. Matsuoka called the two "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. Theatrical exhibition, Kramer said, can introduce younger generations to film history, while streaming gives films another life after their cinema run.

What does the Academy want from Asia?

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 offered a concrete figure: 25% of the Academy's voting members are based outside the U.S. He described partnerships with film festivals as a way to bring members together and reach potential members, adding that the Academy's work 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 the Academy continues to reward human authorship and creation as the industry evolves.

The November openings of "Godzilla Minus Zero" will show whether Toho's coincidence can become a repeatable business.