Toy-maker Pop Mart and Sony Pictures Entertainment have revealed plans to create a feature film based on the popular Labubu monster character. The film, announced through a statement by Pop Mart, signifies a significant move by the Chinese company to expand its collectible toy sensation into a broader international entertainment franchise. Earlier this year, Pop Mart announced London as its European headquarters, emphasizing its global ambitions.
Renowned filmmaker Paul King, known for movies such as “Paddington” and “Wonka,” will produce and direct the film. King will collaborate with award-winning writer Steven Levenson, best known for “Dear Evan Hansen,” to co-write the screenplay. The upcoming movie is set to be a live-action and CGI hybrid, as revealed by Pop Mart and Sony Pictures.
The immense popularity of Labubu has propelled Pop Mart’s stock value up by 64% over the past year, surpassing major toy competitors like Hasbro, Mattel, and Sanrio. Pop Mart aims to emulate Disney’s success in leveraging Labubu’s popularity across various platforms, including content, entertainment, and merchandise expansion.
Financial analyst Jeff Zhang from Morningstar views the partnership with Sony Pictures as a pivotal step for Pop Mart in diversifying its revenue streams. While the movie is expected to boost licensing income, Zhang believes it won’t significantly impact the company’s stock valuation. The creator of Labubu and The Monsters, artist Kasing Lung, will serve as an executive producer on the film. Additionally, Pop Mart is currently showcasing The Monsters on a global tour to celebrate the characters’ 10th anniversary, with the latest stop in Paris.