Labubu dolls are displayed at a Pop Mart store in Shanghai, China.
VCG | Visual China Group | Getty Images
A collectible toy maker and IP powerhouse Pop Mart Hand in hand with Sony films to bring its popular Labubu doll to theaters.
The live-action and CGI hybrid film is in early development, according to a press release Thursday. Filmmaker Paul King, known for 2014’s “Paddington” and 2023’s “Wonka,” will produce, direct and co-write the script with screenwriter Steven Levenson.
The now-iconic Labubu character was created by artist Kasing Lung as part of “The Monsters” toy universe, and later became one of Pop Mart’s signature “blind box” hits, gifts packaged in such a way that shoppers don’t know exactly what they’re buying after they’ve completed their purchase.
Labubu peaked in popularity in the summer of 2025 as sales skyrocketed in the secondary market. The hype quickly began to fade as sales from resellers lost steam as Pop Mart — a Chinese company — ramped up toy production to meet consumer demand. At the time, Pop Mart told CNBC that falling resale prices would benefit the company.
According to data provided by Pop Mart to CNBC, in the first half of 2025, “The Monsters” series products accounted for 34.7% of Pop Mart’s revenue, followed by the Molly series of wide-eyed, plump-lipped girl figurines at 9.8% and Skull Panda, a dark, attack-like figure at 8%.
Franchise Extension
In the February 2026 report, HSBC Analysts warn that Labubu frenzy could subside and Pop Mart’s earnings could fall: “We expect 2026 growth to normalize after de-risking Labubu growth, leading to an 11% to 13% cut in 26-27 earnings.”
Now, as Pop Mart looks for ways to continue the franchise’s momentum, the company says the collaboration marks an important step in expanding “The Monsters” from collectibles to a big-screen story.
Movies are not Pop Mart’s focus, according to Chief Operating Officer Si De in a March 1 interview with CNBC’s Elaine Yu.
“What we’re most looking forward to is using storytelling to help people fall more deeply in love or find points of connection with these IPs. I think that’s the core of what we want to achieve with our content,” he said.
Si De said that the benefits of movies or animation are twofold. “On the one hand, it allows people to see the world (of the characters) more intuitively. On the other hand, it generates a large amount of material. Some of these materials can become product designs, some can inspire our theme park design,” he said.
