Pop Mart Taps Sony to Turn 'Labubu' Toy Into Film Franchise

Edgen Stock·Mar 19 2026, 01:35

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Key Takeaways

Pop Mart (09992.HK) is officially partnering with Sony Pictures to develop a live-action and CGI hybrid movie based on its popular 'Labubu' intellectual property. The move signals a major strategic shift from a collectible toy manufacturer to a diversified global entertainment company, aiming to replicate the IP models of firms like Disney or Hasbro.

Pop Mart has enlisted Sony Pictures to produce a feature film for its 'Labubu' character, part of 'The Monsters' series.
The project will be directed by Paul King (Wonka, Paddington), signaling a high-budget, mainstream production effort to build a global franchise.
The deal validates Pop Mart's IP monetization strategy, which helped the company double its revenue to $1.81 billion in 2024.

Pop Mart Taps A-List Hollywood Talent for Major Film Debut

Pop Mart (09992.HK) is officially expanding its intellectual property empire from collectibles to cinema, confirming a partnership with Sony Pictures to develop a feature film based on its popular 'Labubu' character. The project, announced during the 10th-anniversary exhibition for 'The Monsters' series in Paris, will be a hybrid of live-action and CGI, marking the company's most significant push into mainstream entertainment.

To helm the project, Pop Mart and Sony have enlisted a high-profile creative team. The film will be directed by Paul King, the BAFTA-nominated filmmaker behind the critically and commercially successful Wonka and Paddington films. King will also co-write the script with Steven Levenson, a Tony and WGA award-winning screenwriter known for Dear Evan Hansen and tick tick… BOOM!. The character's creator, Kasing Lung, will serve as an executive producer, ensuring the adaptation remains true to its source material while aiming for global appeal.

IP Monetization Strategy Propels Revenue Past $1.81B

The move into filmmaking is a direct extension of Pop Mart's highly successful IP monetization strategy, which saw the company's total revenue double to $1.81 billion in 2024. This growth, fueled by the popularity of its 'blind box' toys and celebrity endorsements from figures like BLACKPINK’s Lisa, has already established the brand's significant commercial power. The partnership with Sony Pictures is designed to accelerate this trajectory, transforming Pop Mart from a product-based company into a diversified entertainment IP holder.

For investors, this deal represents a potential long-term re-rating of Pop Mart's valuation. A successful film franchise could unlock new, high-margin revenue streams from global box office receipts, licensing deals, and expanded merchandising. However, despite the bullish outlook, market data shows significant short-selling interest in the stock, with volume reaching $793.32 million as of March 18, reflecting a debate over the company's ability to execute this ambitious transition.