A Labubu movie is on its way as Pop Mart expands the toy franchise
Labubu dolls are on display at the Pop Mart store in Shanghai, China.
VCG | Visual China Group | Getty Images
Collectible toy manufacturer and IP powerhouse Pop-Mart He teams up with sony Pictures that will bring the immensely popular Labubu doll to movie 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 “Padington” 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; The gifts were packaged in a way that shoppers wouldn’t know exactly what they were purchasing until they completed the purchase.
Labubu reached the peak of its popularity in the summer of 2025, as sales on the secondary market increased rapidly. However, this excitement quickly began to fade as sales from sellers lost momentum as Pop Mart, a Chinese company, increased toy production to meet consumer demand. At the time, Pop Mart told CNBC that the drop in resale prices would benefit the company.
According to data Pop Mart provided to CNBC, products from the “Monsters” line accounted for 34.7% of Pop Mart’s revenue in the first half of 2025, followed by the Molly line, a big-eyed, pouty-lipped girl figurine, at 9.8% and the Skull Panda, a dark, gothic-themed character, at 8.8%.
franchise expansion
In a report dated February 2026, HSBC analysts warned that the Labubu frenzy could subside and Pop Mart’s earnings could decline, writing: “After analyzing the Labubu growth risk, we expect 2026 growth to return to normal, which will lead to an 11% to 13% decline in 26-27 earnings.”
Now, as Pop Mart looks for ways to keep the franchise momentum going, the company says this collaboration is an important step in transforming “Monsters” from collectibles to a story on the big screen.
Movies are not Pop Mart’s goal, according to Chief Operating Officer Si De in a March 1 interview with CNBC’s Elaine Yu.
“What we’re looking forward to more of is using storytelling to help people fall more deeply in love with these IPs or find those points of connection. I think that’s the crux of what we want to achieve with our content,” he said.
Si De said the benefits of movies or animation are twofold. “On the one hand, people [characters’] We make the world more intuitive. On the other hand, it produces large amounts of materials. “Some of this material can turn into product design, and some of it can inspire our theme park design,” he said.
