Labubu’s cheerful smile is set to hit the silver screen as toy-maker Pop Mart and Sony Pictures Entertainment have revealed their collaboration on a feature film based on the viral and endearing monster character. This movie announcement signifies a significant move by the Chinese company to transform its popular toy sensation into a globally appealing entertainment franchise. Earlier this year, Pop Mart stated that London would serve as its European headquarters, emphasizing its international expansion plans.
Renowned filmmaker Paul King, known for his work on “Paddington,” “Paddington 2,” and “Wonka,” will take on the roles of producer and director for the film. Collaborating with him on the screenplay is award-winning writer Steven Levenson, famous for “Dear Evan Hansen.”
The upcoming film, still in its early stages of development, is envisioned as a blend of live-action and CGI, according to Pop Mart and Sony Pictures. Labubu’s widespread popularity has been instrumental in driving Pop Mart’s shares up by 64% in the past year, surpassing the combined market value of competitors such as Hasbro, Mattel, and Sanrio.
Drawing inspiration from Disney’s success, Pop Mart aims to leverage Labubu’s popularity to establish a lasting presence in the entertainment industry. The company intends to expand its range of characters, including Labubu, into various forms of content, entertainment, theme parks, and merchandise, following Disney’s model of leveraging intellectual property.
Analyst Jeff Zhang from Morningstar views the collaboration with Sony Pictures as a pivotal moment for Pop Mart in diversifying its revenue sources. While the movie is expected to enhance the company’s future licensing income due to Labubu’s global appeal, Zhang does not anticipate a significant impact on Pop Mart’s stock valuation.
Labubu and The Monsters were created by artist and writer Kasing Lung in 2015 through “The Monsters Trilogy” picture books. Lung, who hails from Hong Kong and was raised in the Netherlands, will serve as an executive producer for the film. Currently, Pop Mart is showcasing The Monsters worldwide as part of a global tour to celebrate the characters’ 10th anniversary, with the latest exhibition in Paris.