Toy-maker Pop Mart and Sony Pictures Entertainment have announced their collaboration to develop a feature film based on the popular character Labubu. The film, revealed in a statement by Pop Mart, signals the company’s strategic move to transform its collectible toy sensation into a global entertainment franchise. This development aligns with Pop Mart’s recent decision to establish its European headquarters in London.

Renowned filmmaker Paul King, known for his work on “Paddington,” “Paddington 2,” and “Wonka,” will produce and direct the movie. Collaborating with him on the screenplay is award-winning writer Steven Levenson, acclaimed for his work on “Dear Evan Hansen.”

The upcoming film, still in its early stages, is planned to be a live-action and CGI hybrid, as confirmed by Pop Mart and Sony Pictures. Labubu’s immense popularity has significantly boosted Pop Mart’s market value, surpassing that of major competitors like Hasbro, Mattel, and Sanrio.

Drawing inspiration from Disney’s success model, Pop Mart aims to leverage Labubu’s fame to create a sustainable and lucrative entertainment brand. Executives express confidence in expanding Labubu and other characters into various forms of media, including theme parks and merchandise, emulating Disney’s successful IP strategy.

Financial analyst Jeff Zhang from Morningstar views the partnership with Sony Pictures as a pivotal moment for Pop Mart’s diversification strategy. He anticipates that the film, leveraging Labubu’s global appeal, will contribute to the company’s licensing revenue, although he does not foresee a significant impact on Pop Mart’s stock valuation.

Labubu, created by artist Kasing Lung as part of “The Monsters Trilogy,” has captivated audiences worldwide, leading to a surge in Pop Mart’s stock value. Lung, who will serve as an executive producer on the film, introduced Labubu and The Monsters in a series of picture books back in 2015.

Currently, Pop Mart is showcasing The Monsters on a global tour to celebrate the characters’ 10th anniversary, with the latest exhibition held in Paris. The film adaptation of Labubu’s adventures signifies a strategic move by Pop Mart to expand its brand presence and capitalize on the beloved character’s widespread popularity.