From blind boxes to theme parks: How Pop Mart is building a world beyond Labubu

Chinese toy giant Pop Mart, known for its collectible blind boxes featuring characters like the mischievous monster Labubu, is embarking on an ambitious strategy to build long-term global franchises. The company is moving beyond its core business by investing in theme parks, exhibitions, and films, aiming to create a comprehensive entertainment ecosystem around its growing roster of characters.

A key element of this strategy is the Pop Land theme park in Beijing. Spanning approximately 40,000 square meters, the park reopened in April after extensive upgrades, featuring new rides, shows, and exclusive merchandise tied to Pop Mart's intellectual properties (IPs). Plans are already underway for further expansion, with new themed zones inspired by characters like Skullpanda and Twinkle Twinkle set to be developed.

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From a financial perspective, Labubu is certainly the standout performer, but the company’s other IPs are also generating strong revenue and remain popular among consumers.

This diversification aims to mitigate Pop Mart's significant reliance on its most popular character, Labubu. The Monsters franchise, which includes Labubu, was responsible for nearly 40% of the company's 37 billion yuan (US$5.4 billion) revenue last year. Concerns over this dependence led to a nearly 23% drop in Pop Mart's shares in March, prompting the company to emphasize its broader IP portfolio.

Pop Mart's public affairs general manager, Wang Tao, stated that while Labubu is the standout performer, other IPs are also generating substantial revenue. He likened the IP industry to a long-term business, drawing parallels with global giants like Disney and Marvel, which require decades of accumulation. Pop Mart's approach focuses on extending the lifespan of existing characters and fostering new talent, with an upcoming Labubu feature film in development.

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The IP industry is a long-term business. If you look at global examples like Disney, Marvel or Harry Potter, all successful IPs require long periods of accumulation. Some of the most iconic IPs in history have lasted 100, 50, 40 or 30 years.