Crunchyroll (formerly Funimation)

Overview

Crunchyroll is the world's largest anime streaming platform and the dominant English-language anime licensing and theatrical distribution company. The platform reached 21 million subscribers in 2025, adding 4 million subscribers in a single year, and is available in over 200 countries and territories. Sony Pictures Entertainment and Aniplex (a Sony Music Entertainment Japan subsidiary) jointly own Crunchyroll as a consolidated entity following the complete absorption of Funimation into the Crunchyroll brand in 2024.

For anime producers and Japanese studios, a deal with Crunchyroll provides global streaming reach, theatrical distribution across English-speaking markets, home video publishing, and merchandising infrastructure - all through a single corporate partner backed by Sony Group. For non-anime filmmakers, Crunchyroll is not a relevant acquisition target: the company distributes Japanese animation exclusively.

The Funimation Shutdown and Sony Merger

Funimation, founded in 1994 in Dallas, Texas, built its position through exclusive licensing agreements with major Japanese anime studios. Sony Pictures Entertainment acquired Funimation, then acquired Crunchyroll from AT&T in August 2021 for $1.175 billion. The two brands operated in parallel until April 2, 2024, when Funimation shut down and migrated all remaining subscribers to Crunchyroll. Funimation's digital library of purchased content was not transferred - users lost access to digitally purchased titles, a decision that generated significant consumer backlash.

The merged entity operates under the Crunchyroll brand name with over 1,000 employees across 15 offices worldwide. Funimation's home video releases are now listed under the Crunchyroll label. The consolidation gives Sony complete control over English-language anime streaming, theatrical distribution, and home entertainment.

Streaming Operations

Crunchyroll operates three subscription tiers as of 2026:

• Fan Plan: $7.99/month, streaming on one screen at a time.
• Mega Fan Plan: $11.99/month, streaming on up to four devices, offline viewing.
• Ultimate Fan Plan: $15.99/month, up to six devices, exclusive merchandise discounts, priority customer support.

Crunchyroll halted free ad-supported streaming on December 31, 2025, moving to a fully subscription-supported model. The platform's 21 million subscribers represent the largest dedicated anime streaming audience globally. The biggest growth markets in 2025 included Brazil, India, the US, and the Middle East.

The Crunchyroll Store, which sells anime merchandise, will become exclusive to Mega and Ultimate Fan tier subscribers starting August 2026, further consolidating the company's subscription-driven revenue model.

Theatrical Distribution

Crunchyroll operates one of the largest theatrical anime distribution programs in the Western world, working closely with Sony Pictures Releasing for US and international theatrical rollout. The company's theatrical strategy pairs streaming releases with monthly theatrical events to build communal viewing experiences for anime fans.

Box Office Performance

Crunchyroll's theatrical releases have generated substantial box office revenue:

Demon Slayer: Infinity Castle became the highest-grossing Japanese film of all time and the top-earning anime feature ever released. In North America, it grossed $104 million in its first two weekends - the largest US theatrical run for a Japanese title. The film set record advance ticket sales, with Fandango reporting the best first-day presales for an anime film of all time, ahead of Mugen Train and Jujutsu Kaisen 0.

Crunchyroll also partners with Aniplex and PlayStation Productions on upcoming projects including Ghost of Tsushima, based on the PlayStation video game, expanding beyond traditional anime licensing into game-derived IP.

What Filmmakers Should Know

For Anime Producers

Crunchyroll is the primary global licensing target for English-language anime distribution. The company's consolidated position following the Sony merger means most English-language anime streaming and theatrical rights for major productions will be negotiated with a single entity. A deal with Crunchyroll can include:

• Global SVOD streaming (200+ countries)
• Theatrical release across English-speaking markets (US, UK, Canada, Australia, Ireland)
• Home video publishing (Blu-ray/DVD under the Crunchyroll label)
• Merchandising through the Crunchyroll Store
• Co-production opportunities through Aniplex and Sony Music

For Non-Anime Filmmakers

Crunchyroll is not a relevant acquisition target. The company distributes Japanese animation exclusively and does not acquire live-action or non-Japanese animated content. However, the company's success has prompted competitors including AMC Networks, Netflix, Tubi, and Hulu to increase their investment in anime content, creating alternative distribution paths for anime-adjacent projects.

Theatrical Anime Distribution Model

Crunchyroll's theatrical model differs from conventional independent theatrical release. Anime films typically open wide on 1,500-3,000+ screens with heavy advance ticket sales, then drop sharply in subsequent weeks. Mugen Train had a 2.4x multiple (opening to total domestic), which is strong for the genre. The audience skews young, passionate, and willing to pay premium prices for opening-weekend and IMAX screenings. Mega and Ultimate Fan tier subscribers get early access screenings - for Infinity Castle, these started September 9, 2025, three days before the wide release.

Acquisition and Licensing

Crunchyroll does not operate a public open-submission portal for anime licensing. Acquisitions happen through:

1. Japanese studio partnerships: Direct deals with Aniplex, Toho, Studio MAPPA, ufotable, and other major anime production companies.
2. Co-production agreements: Sony Group companies (Aniplex, PlayStation Productions, Sony Music) co-produce original anime content.
3. Festival and market acquisitions: Crunchyroll acquires titles at Anime Expo, Tokyo Anime Fair, and through industry channels.

Licensing inquiries should be directed through Crunchyroll's corporate contact page or through Sony Pictures Entertainment's licensing division.

See Also

For how anime theatrical distribution compares to conventional theatrical distribution, see Streaming vs Theatrical Revenue. For the UK anime home entertainment and theatrical market, see Anime Limited in this directory. To model the revenue potential of a theatrical anime release across multiple territories, use the Revenue Forecast Calculator.