by HOU Ruining

Pop Mart said on March 19 it will partner with Sony Pictures to develop a live-action/CGI hybrid film based on its flagship IP THE MONSTERS (LABUBU), as the Chinese toymaker steps up efforts to monetize its characters globally.

The project remains in early development and will combine live-action footage with computer-generated imagery to bring the character to the big screen.

The film is set to be directed and produced by Paul King, whose credits include Paddington and Wonka. Steven Levenson will co-write the screenplay. Kasing Lung, the Hong Kong artist who created LABUBU, will be closely involved in the film's development as an executive producer.

Other producers include Michael Schaefer, known for The Martian, and Wenxin She, who worked on A Beautiful Day in the Neighborhood and Wish Dragon. Brittany Morrissey will oversee the project for Sony Pictures.

Reports of a potential LABUBU film first emerged in November 2024, when Sony Pictures was said to be in talks with POP MART. The company declined to comment at the time.

LABUBU is one of Pop Mart's best-known proprietary IPs under its THE MONSTERS franchise, and has gained wide recognition for its distinctive design and strong collectibility.

Demand surged globally in the first half of 2025, driving resale premiums on secondary markets. A mint-green first-generation LABUBU figure sold for 1.08 million yuan (about US$151,000) at auction, before prices eased later in the year.

Sales momentum, however, has remained strong. On March 12, a LABUBU collaboration with Sanrio sold out within minutes across online channels, with more than 30,000 units of blind-box figures sold almost immediately. A 599 yuan LABUBU x Hello Kitty plush also sold out, with sales exceeding 9,000 units.

In a filing on February 9, Pop Mart said it sold more than 400 million units globally across all IPs in 2025, with LABUBU accounting for over 100 million units.

The strong performance has underpinned rapid growth. In the third quarter of 2025, the company reported revenue growth of 245%-250% year on year, with China revenue up 185%-190% and overseas revenue rising 365%-370%.

Founder WANG Ning, 39, has also seen his wealth climb. According to the Hurun Research Institute, his family fortune rose 132% to 110 billion yuan in the 2026 Hurun Global Rich List of Self-Made Entrepreneurs Under 40, ranking joint second.