Toy-maker Pop Mart and Sony Pictures Entertainment have revealed plans to create a feature film based on the popular ugly-cute monster, Labubu. The announcement of the film, as per a statement from Pop Mart, signals a significant move by the Chinese company to transform its collectible toy sensation into a global entertainment franchise. Earlier this year, Pop Mart announced London as its European headquarters, further emphasizing its international ambitions.
Renowned filmmaker Paul King, known for works such as “Paddington,” “Paddington 2,” and “Wonka,” is set to produce and direct the film. King will collaborate with award-winning writer Steven Levenson, famous for “Dear Evan Hansen,” in crafting the screenplay. The movie, still in early stages of development, is envisioned as a blend of live-action and CGI, according to Pop Mart and Sony Pictures.
Labubu’s immense popularity has propelled Pop Mart’s shares up by 64% over the past year, surpassing the combined market value of competitors Hasbro, Mattel, and Sanrio. Drawing inspiration from Disney’s success, Pop Mart aims to extend Labubu’s appeal into various avenues, including content creation, theme parks, and merchandise, following the Disney model.
Industry analyst Jeff Zhang from Morningstar views the collaboration with Sony Pictures as a pivotal moment for Pop Mart in diversifying its revenue streams. While Zhang anticipates the movie to bolster Pop Mart’s future licensing income due to Labubu’s global fanbase, he does not foresee a significant impact on the company’s stock valuation.
Labubu and The Monsters were conceptualized by artist and writer Kasing Lung in the “The Monsters Trilogy” picture book series in 2015. Lung, a Hong Kong native raised in the Netherlands, will take on the role of executive producer for the film. Currently, Pop Mart is showcasing The Monsters on a global tour to commemorate the characters’ 10th anniversary, with Paris being the latest stop on the tour.