Chinese toymaker Pop Mart and Sony Pictures Entertainment announced on Thursday a feature film starring Labubu, the company’s most popular character.
Analysts said the film was a strategic move to extend Labubu’s intellectual property (IP) value and support medium-term growth, following the trajectory of global icons like Barbie and Hello Kitty.
The film, still in early development, would be a mix of live action and computer-generated imagery, Pop Mart said in a statement.
Lung Ka-sing, the creator of Labubu, would serve as an executive producer, it said, while Paul King, the British Academy of Film and Television Arts-nominated filmmaker behind Wonka and Paddington, was attached to produce and direct. King would also co-write the script with Tony Award-winner Steven Levenson, the statement said.
Lung, born in Hong Kong and raised in the Netherlands, first brought Labubu and The Monsters to life in a picture book series.
The film project was announced at the Paris stop of a global exhibition tour celebrating The Monsters’ 10th anniversary, according to the company.
The collaboration marked a significant milestone in “bringing the beloved The Monsters IP from the world of collectibles to the big screen”, Pop Mart said, adding that it would create a “unique cinematic experience with creative storytelling, artistic vision and enduring global appeal”.
“As a top IP, Labubu can hardly build long-term value through blind boxes and collaborations alone,” said Fu Yifu, a special researcher at Su Merchants Bank based in Nanjing, Jiangsu province. “Films can infuse the characters with emotion and a unique world view, turning them from collectibles into emotional carriers and extending the IP’s life cycle.”
With Sony’s global distribution network, Labubu would reach a mainstream audience, enhance its global influence and character recognition, drive toy sales and boost theme park visits, Fu added.
Film adaptation is a mature strategy to enhance the value of top IP, as proven by successful cases such as the Lego film series. With sustained long-term appeal, Labubu could become a benchmark for Chinese designer toys’ globalisation, drawing more capital and partners, he added.
Labubu plush toys and keychains became a sensation globally in 2024 after Lisa of the K-pop group Blackpink shared photos with the character on Instagram. Since then, celebrities including Rihanna, Kim Kardashian and David Beckham have been seen with the so-called ugly-cute icon, driving its worldwide popularity.
Pop Mart launched a new vinyl figure blind box series on March 12, featuring Labubu figures and characters from Sanrio, the Japanese owner of the Hello Kitty brand. Backed by the two blockbuster IPs, the collection sold out instantly online.
“It is not uncommon for toy or character IP owners to seek to rejuvenate or boost a character’s profile [with a film],” said Sandy Lim, a China consumer analyst at S&P Global Ratings. “Beyond immediate financial gains from box office success and product or licensing sales, a successful movie launch can also strengthen fan loyalty and broaden brand reach to new consumers, supporting medium-term growth.”
A prime example was the film Barbie in 2023, which delivered strong box office performance alongside a meaningful lift in product sales and licensing revenue, Lim said.
“Having a familiar IP reduces the financial risks of a movie launch,” she added. “The movie’s success gives IP owners greater resources and incentives to expand the toy line to sustain or enhance the brand’s image.”
As the company’s core IP, The Monsters led by Labubu accounted for 34.7 per cent of Pop Mart’s revenue in the first half of 2025, becoming a major pillar of its growth. Last year, global sales volumes of Labubu topped 100 million units, according to Wang Ning, Pop Mart’s founder and chairman.
The share price of Hong Kong-listed Pop Mart jumped 2.8 per cent on Wednesday to HK$221.80. -- SOUTH CHINA MORNING POST
