Toy-maker Pop Mart and Sony Pictures Entertainment have revealed plans to bring Labubu, the viral ugly-cute monster, to the big screen in an upcoming feature film. This collaboration signifies a significant move by the Chinese company to transform its popular collectible toy sensation into a globally appealing entertainment franchise. Earlier this year, Pop Mart announced London as its European headquarters, emphasizing its expansion ambitions.
Acclaimed filmmaker Paul King, known for his work on “Paddington,” “Paddington 2,” and “Wonka,” is set to produce and direct the film. Joining him in co-writing the screenplay is Steven Levenson, the award-winning writer recognized for his work on “Dear Evan Hansen.” The film, which will be a live-action and CGI hybrid, is currently in its initial stages of development, as confirmed by Pop Mart and Sony Pictures.
Labubu’s immense popularity has significantly boosted Pop Mart’s stock value by 64% over the past year, surpassing the combined market worth of industry competitors like Hasbro, Mattel, and Sanrio. Drawing inspiration from Disney’s success model, Pop Mart aims to leverage Labubu’s global appeal to achieve long-term success across various mediums.
Market 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 enhance the company’s future licensing income due to Labubu’s widespread following, Zhang believes it will not substantially impact Pop Mart’s stock valuation.
Labubu and The Monsters were created by artist and writer Kasing Lung in 2015, featured in the “The Monsters Trilogy” picture books. Lung, a Hong Kong native raised in the Netherlands, will serve as the film’s executive producer. Pop Mart is currently showcasing The Monsters globally to commemorate the characters’ 10th anniversary, with the latest exhibition held in Paris.
