When a toy line generates $670 million in six months, Hollywood takes notice. Sony Pictures is now developing a movie based on Labubu, the elf-like collectible dolls that have become an unexpected cultural phenomenon.

Hong Kong artist Kasing Lung created the Labubu character in 2015 for his The Monsters book series, drawing inspiration from Nordic and European fairy tales about mischievous but kind-hearted elf-like creatures. The Culver City studio has acquired feature film rights to the character, though no creative team has been attached yet and Sony hasn't decided whether the project will be animated or live-action.

The Blind Box Formula

How2 Work originally manufactured the dolls before Chinese retailer Pop Mart International Ltd. (POPMF) acquired the line and launched sales in 2019. The company's success stems largely from its "blind box" strategy—buyers don't know which variant they're getting until they open the package. This uncertainty has fueled demand in auction markets and pushed retail prices higher as collectors hunt for rare versions.

Celebrity endorsements haven't hurt either. Blackpink member Lisa sparked viral visibility by accessorizing her bags with Labubu dolls, joining Rihanna and Dua Lipa among high-profile fans spotted with the collectibles.

Following the Money

The numbers explain Sony's interest. Labubu generated $670 million during the first half of 2025, accounting for nearly 35% of Pop Mart's total revenue in that period. CEO Wang Ning projects that reaching 30 billion yuan ($4.18 billion) in 2025 revenue should be "quite easy" to achieve.

Pop Mart currently operates around 40 U.S. stores and plans to open 10 more by year-end as it expands its physical retail footprint. The stock has jumped 137.41% year-to-date, though it's pulled back 24.91% over the past month as investors take profits.

Whether a Labubu movie can translate collectible toy success into box office performance remains to be seen, but the financial foundation certainly gives Sony something to work with.