^{Photo: Bloomberg.com}

From Collectible Craze to Big Screen Ambition
Chinese toy giant Pop Mart is taking a major step toward global entertainment expansion by bringing its breakout character Labubu to theaters. The company has partnered with Sony Pictures to develop a live-action and CGI hybrid film based on the beloved figure from its “The Monsters” series.

The project is still in its early development phase but already carries strong creative backing. Paul King, known for directing Paddington and Wonka, is set to direct, produce, and co-write the screenplay alongside screenwriter Steven Levenson. The collaboration signals a serious push to elevate Labubu from a retail phenomenon into a full-fledged entertainment property.

The Rise of Labubu and “The Monsters” Universe
Labubu, originally created by artist Kasing Lung, is part of “The Monsters” universe, a whimsical yet slightly edgy collection of characters that has captured global attention. The character gained massive popularity through Pop Mart’s signature “blind box” model, where buyers only discover which figure they’ve purchased after opening the package.

This strategy has been a key driver of consumer engagement and repeat purchases, turning Labubu into one of the most recognizable figures in the designer toy market. At its peak in mid-2025, demand surged so sharply that resale prices in secondary markets climbed multiple times above retail value, reflecting intense collector interest.

Sales Momentum and Market Dynamics
Despite the initial frenzy, the resale market began cooling as Pop Mart significantly increased production to meet demand. This move helped stabilize prices and broaden accessibility, aligning with the company’s long-term growth strategy rather than short-term scarcity-driven hype.

Financially, “The Monsters” franchise remains a cornerstone of Pop Mart’s business. In the first half of 2025, the series contributed approximately 34.7% of total revenue, far outpacing other popular lines such as Molly at 9.8% and Skull Panda at 8.8%. This dominance highlights the commercial importance of Labubu within the company’s expanding portfolio.

Strategic Shift Toward IP Expansion
The film project represents more than just a new revenue stream—it is part of a broader intellectual property strategy. Pop Mart aims to transition from a collectibles-focused business into a global IP powerhouse, leveraging storytelling to deepen emotional connections with its audience.

According to company leadership, the goal is not simply to produce films but to build immersive worlds around its characters. By introducing narratives, personalities, and story arcs, Pop Mart can extend its brand into multiple verticals, including animation, merchandise design, and even theme park experiences.

Analyst Outlook and Growth Challenges
While the Labubu brand remains strong, analysts have cautioned that growth may normalize in the coming years. A February 2026 report from HSBC suggested that the initial hype cycle could taper off, potentially leading to an 11% to 13% downward revision in earnings forecasts for 2026 and 2027.

This makes diversification critical. Expanding into film and content allows Pop Mart to sustain engagement beyond physical product sales, reducing reliance on cyclical consumer trends in collectibles.

Why Film Matters for Pop Mart’s Future
The move into cinema offers two strategic advantages. First, it allows audiences to experience the characters in a richer, more immersive way, strengthening brand loyalty. Second, it creates a continuous stream of creative assets that can be repurposed across products, marketing campaigns, and physical experiences.

From character backstories to visual worlds, these elements can directly influence new toy designs and retail concepts, creating a feedback loop between content and commerce.

A Defining Moment for Designer Toy Culture
Pop Mart’s decision to bring Labubu to the big screen reflects a broader shift in how consumer brands are evolving into entertainment ecosystems. Similar to how major franchises have expanded across media, the company is positioning itself at the intersection of retail, storytelling, and global pop culture.

If executed successfully, the Labubu film could mark a turning point—not just for Pop Mart, but for the entire designer toy industry—demonstrating how niche collectibles can evolve into mainstream entertainment brands with worldwide appeal.