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Labubu’s toothy grin will be coming to the big screen after toy-maker Pop Mart and Sony Pictures Entertainment announced plans to develop a feature film based on the viral ugly-cute monster.
The film, announced in a Pop Mart statement on Thursday, marks a major step in the Chinese firm’s long-anticipated move to turn its collectible toy sensation into an entertainment franchise with broad international reach.
The company underscored that ambition earlier this year when it said London would become its European headquarters.
Paul King, the BAFTA-nominated filmmaker behind Paddington, Paddington 2 and Wonka, has signed on to produce and direct the film. He will also co-write the screenplay with Steven Levenson, the award-winning writer best known for Dear Evan Hansen.
The film is in early development and is planned as a live-action and CGI hybrid, according to Pop Mart and Sony Pictures.
Pop Mart has said it is drawing on Disney’s playbook as it looks to turn Labubu’s popularity into lasting success.
Executives have said there is significant scope to expand Pop Mart characters, such as Labubu, into content, entertainment, theme parks and additional merchandise, much as Disney has done with its intellectual property.
Jeff Zhang, an analyst with investment research firm Morningstar, said the partnership with Sony Pictures was a milestone in Pop Mart’s efforts to diversify its revenue streams.
“Given Labubu’s global popularity, the movie will likely add to Pop Mart’s future licensing income,” Zhang said. “However … we do not expect the news to materially impact Pop Mart’s stock valuation.”
Labubu maker Pop Mart says it expects a 350 per cent profit surge as global demand for the toys continues to grow. Business experts say the mystery around which character is in each box keeps buyers coming back for more.
Labubu’s global popularity has helped drive the Hong Kong-listed company’s shares up 64 per cent over the past year, lifting Pop Mart’s market value above the combined worth of toy rivals Hasbro, Mattel and Sanrio.
Kasing Lung, a Hong Kong-born artist and writer who was raised in the Netherlands, created Labubu and The Monsters in a series of picture books known as The Monsters Trilogy in 2015. Lung will serve as executive producer on the film.
Pop Mart is currently showcasing The Monsters as part of a global tour to mark the characters’ 10th anniversary, with the latest stop in Paris.
