From screen to shelf: Netflix taps Mattel, Hasbro for 'KPop Demon Hunters' toys

Netflix is teaming up with Mattel and Hasbro to turn its blockbuster animated film "KPop Demon Hunters" into toys, deepening a consumer-goods push that could help diversify its revenue.

The partnership, announced yesterday (21 October), will produce toys, collectables, games and role-play products based on the film that follows a successful female K-pop trio who play massive concerts while trying to save the world from sinister forces. The first products from the tie-up will be released next year.

Since its June debut, "KPop Demon Hunters" has topped more than 325 million views, making it Netflix's most-watched original movie. Its soundtrack has received platinum certification, and the breakout single "Golden" hit No. 1 on the Billboard Hot 100. The movie has also sparked a steady stream of cosplay and dance challenges across social media platforms.

By turning it into toys, Netflix is betting that smaller, non-franchise films can scale into lucrative intellectual property. The company is already offering "KPop Demon Hunters" apparel, accessories and collectables through its online shop.

Diversification push

The streamer also offers toys based on other hit franchises, such as "Stranger Things," and has heavily invested in mobile games and immersive experiences stemming from its original content to diversify its revenue away from subscriptions.

Other media companies, including Walt Disney, have leaned on toys to turn breakout hits such as "Frozen" into massive franchises that bring a reliable stream of revenue.

Financial details of yesterday's deal were not disclosed. Mattel declined to share further details, while Hasbro did not immediately respond to a Reuters request.

Shares of Mattel closed regular trading 2.5% higher as the deal offers the company another chance to tap into a global entertainment phenomenon, like its success with "Barbie."

Mattel will develop and market a global line of "KPop Demon Hunters" products starting in 2026, spanning dolls, action figures, accessories, collectables and playsets.

Its CEO, Ynon Kreiz, called the deal "a win-win for both the companies" in an interview with Reuters. "This is especially exciting given the scale and appeal of this new franchise."

Kreiz said Mattel was fast-tracking development of the products due to strong expected demand and would expedite shipping. "We will do everything we can to fulfil the demand," he said.

The company also reported third-quarter results yesterday, with its sales and profit falling short of estimates due to sluggish demand in North America amid economic uncertainty.

Meanwhile, Hasbro's range from the Netflix tie-up will include special-feature plush, youth electronics and role-play items, with the first release being a "MONOPOLY Deal: KPop Demon Hunters" edition.