The sale of 'Labubu' has made Pop Mart a toy company worth nearly $40 billion.
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The world-famous 'Labubu' doll is now set to appear in a feature film. Chinese toymaker Pop Mart and Sony Pictures Entertainment have announced that they will be making a film based on Labubu.
The Labubu film, which will be a mix of 'live action' and computer-generated animation, is currently in 'early development', the two companies said in a statement.
Created a decade ago by Hong Kong artist Kashing Lung, Labubu is a 'forest fairy, inspired by Nordic mythology.' It is also part of Lung's book series 'The Monsters'.
Lung will serve as an executive producer on the film. Paul King will direct and co-produce. King has previously directed films such as 'Wonka', 'Paddington' and the BBC comedy series 'The Mighty Bush'. The screenplay will also be written by Steven Levenson, the writer of 'Dear Evan Hansen'. The release date of the film has not yet been set.
Labubu is now very famous worldwide. Its sales have made Pop Mart a toy manufacturer worth about $ 40 billion. Pop Mart has even surpassed established companies such as Mattel, the manufacturer of Barbie.
The craze for Labubu has not limited Pop Mart to producing toys; a theme park (Pop Land) has been opened in Beijing. Now the company has entered the film industry.
'Labubu' is Pop Mart's most popular toys. Its main attraction is that it is sold in 'blind boxes'. Buyers do not know which Labubu they are getting until they open the packet.
Morningstar analyst Jeff Zhang said the partnership with Sony Pictures was a milestone in Pop Mart's efforts to diversify its revenue streams.
The global popularity of Labubu has sent Hong Kong-listed Pop Mart shares up 64 percent last year. Kim Dayong, a marketing lecturer at the National University of Singapore, said the Labubu film will help Pop Mart evolve from a toy retailer into an entertainment brand.
Pop Mart is also reportedly planning to develop the Labubu toys into a media franchise due to their popularity.
- With the help of the agency
