Toy-maker Pop Mart and Sony Pictures Entertainment have announced plans to develop a feature film based on the viral monster, Labubu. The film, revealed in a statement by Pop Mart, signifies a significant move by the Chinese company to transform its popular toy sensation into a global entertainment franchise. Paul King, known for his work on films like “Paddington” and “Wonka,” will produce and direct the movie, collaborating on the screenplay with award-winning writer Steven Levenson. The project is set to be a live-action and CGI hybrid, as confirmed by Pop Mart and Sony Pictures.
Labubu’s immense popularity has propelled Pop Mart’s shares up by 64% in the past year, surpassing the combined market value of competitors Hasbro, Mattel, and Sanrio. Drawing inspiration from Disney’s success, Pop Mart aims to leverage Labubu’s fame for long-term prosperity by expanding into various entertainment mediums, merchandise, and potentially theme parks.
Industry analysts, like Jeff Zhang from Morningstar, view the partnership with Sony Pictures as a pivotal moment for Pop Mart’s revenue diversification efforts. Despite expectations of increased licensing income from the film due to Labubu’s global appeal, experts do not foresee a substantial impact on Pop Mart’s stock valuation.
Labubu and The Monsters were created by artist Kasing Lung in 2015, featured in a series of picture books known as “The Monsters Trilogy.” Lung, a Hong Kong native raised in the Netherlands, will serve as an executive producer on the movie. Currently, Pop Mart is touring globally to celebrate The Monsters’ 10th anniversary, with the latest exhibition held in Paris.
