Labubu, the popular Labubu designer toy character, is headed for a feature film with Pop Mart and Sony Pictures, combining live-action and CGI as development begins.

The project was unveiled in Paris during the stop of The Monsters global exhibition tour, which marked its 10th anniversary.

Paul King, renowned for Wonka and Paddington, will co-direct and co-write with Tony Award‑winner Steven Levenson, as announced in Paris.

Industry observers note the move mirrors a Disney‑style approach of building long‑term licensing and ancillary income from popular IP.

Investors worry the Labubu craze could fade and that scarcity may dilute, contributing to a more than 30% slide from recent highs.

Experts say a Labubu movie could strengthen Pop Mart’s brand and investor confidence by highlighting growth through content-driven offerings.

Morningstar analyst Jeff Zhang sees the Sony partnership as a milestone for revenue diversification, though cautions it may not meaningfully affect Pop Mart’s valuation in the near term.

Analysts expect licensing income and global exposure to rise with Sony, but acknowledge the impact on stock value may be limited by the long development horizon.

Labubu’s viral success has buoyed Pop Mart’s finances, with about a 200% rise in Pop Mart’s share value this year as the IP has at times surpassed the market value of Hasbro, Mattel, and Sanrio combined.

Industry context points to momentum for Chinese animation and related media, with Ne Zha 2 and Black Myth: Wukong cited as indicators for adaptations.

Pop Mart’s valuation has surged toward $40 billion as it broadens from toys to entertainment and experiences, including a Beijing theme park and a growing IP ecosystem.

The project signals Pop Mart’s ambition to become a broader entertainment and collectibles platform, leveraging Labubu to advance that strategy.