"For now, my recommendation would be: Go to the movies," Obama told ABC News.
The National Security Council said the US government had offered Sony "support and assistance" in response to the attack.
Experts said Sony's decision sets a dangerous precedent.
"I am sympathetic with Sony and I am sympathetic with any theater that worries about damage and injury and worse involving its staff and its customers," Richard Walter of the UCLA Film School told AFP.
"But on the other hand I have to say there is something, for an American and for anybody who loves freedom, that viscerally rebels against surrendering to terror this way," he added.
"The single most disturbing aspect of this whole case is the notion that studios might cave, might surrender to lunatics of the political fringe in terms of what movies they make and what movies they release."
Actor Rob Lowe, among a number of stars who have small cameo roles in the movie, did not disguise his indignation at the Sony decision.
"Wow. Everyone caved. The hackers won. An utter and complete victory for them. Wow," he said.
"Hollywood has done Neville Chamberlain proud today," he added, in reference to the British leader's infamous appeasement of Hitler before World War II.
In addition to the threats, Sony has seen the release of a trove of embarrassing emails, scripts and other internal communications, including information about salaries, employee health records and other personal data.
On Monday, Sony Pictures boss Michael Lynton sought to reassure employees that the studio would not be destroyed by the leaks.
"This will not take us down," Lynton told employees, adding: "You should not be worried about the future of this studio."
On Tuesday, lawyers filed two class action lawsuits against Sony Pictures in Los Angeles.
One of the suits alleged that "Sony failed to secure and protect its computer systems, servers, and databases, resulting in the release of the named plaintiffs and other class members'" personal data.
"An epic nightmare, much better suited to a cinematic thriller than to real life, is unfolding in slow motion for Sony's current and former employees," the 45-page lawsuit said.