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Mattel and Hasbro Miss Holiday Window for “KPop Demon Hunters” Toys Despite Huge Netflix Success

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Fans eager to buy “KPop Demon Hunters” toys this holiday season will have to wait until next year, as Mattel (MAT.O) and Hasbro (HAS.O) will not ship most licensed products until January, missing the crucial shopping period. The two toymakers recently struck licensing deals with Netflix (NFLX.O) to produce dolls, games, and collectibles based on the hit animated film, which has become the streamer’s most-watched movie ever.

According to sources cited by Reuters, the companies underestimated the film’s crossover appeal among K-pop, anime, and casual audiences before its June release, delaying their licensing commitments. Typically, toymakers plan 12–18 months in advance to design, manufacture, and distribute merchandise before the holiday season, which generates roughly one-third of annual sales.

Netflix said the toys — including Mattel’s three-doll set and Hasbro’s Monopoly card game — will be available for pre-order soon but won’t arrive until early 2025. Funko (FNKO.O) will also release collectible figurines inspired by the movie’s characters, shipping by January 30, according to its website.

Mattel CEO Ynon Kreiz told Reuters the company is “fast-tracking development given the strong demand,” while Hasbro’s Tim Kilpin said such breakout hits are rare and exciting, noting that “new properties like this can surprise the market.”

Released in June, “KPop Demon Hunters” quickly became a global phenomenon, with its soundtrack single “Golden” topping Billboard’s Hot 100 and a theatrical sing-along release selling out in over 1,300 cinemas. The film’s success highlights Netflix’s growing push into merchandise licensing, a strategy long dominated by Disney and Warner Bros Discovery.

Industry experts said the missed opportunity stings at a time when toy companies face rising tariffs, high production costs, and competition from digital entertainment. Still, the hype surrounding “KPop Demon Hunters” could extend well into 2025 — potentially turning next year’s release of toys and collectibles into one of the industry’s biggest events.

Netflix Faces Investor Test as Advertising and Gaming Bets Seek Payoff

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Netflix (NFLX.O) heads into its third-quarter earnings report on Tuesday facing a pivotal moment: can its billion-dollar pushes into advertising and gaming justify its $120 billion stock rally this year and sustain growth beyond its streaming roots?

Analysts expect the company to post its fastest revenue growth in over four years, driven by blockbuster releases such as “KPop Demon Hunters” — its most successful film to date — and the return of “Wednesday.” The fourth quarter also looks promising with the final season of Stranger Things set to draw massive viewership.

Yet some investors are skeptical. Netflix stopped reporting subscriber numbers earlier this year, shifting focus to revenue and profit metrics, which has heightened pressure on its new ventures to perform. The company has spent about $1 billion building its gaming division, acquiring studios and developing over 120 mobile titles, including “GTA: San Andreas” and games inspired by hits like “Squid Game: Unleashed.”

So far, the results have been underwhelming. According to Omdia, Netflix’s games have increased user engagement by less than 0.5% after four years. Co-CEO Greg Peters defended the slow progress, comparing the rollout to Netflix’s early struggles in Japan — suggesting success will take time.

Netflix’s gaming challenges mirror those of other media giants such as Warner Bros Discovery, which have also struggled to turn big franchises into profitable games. Analysts note that Netflix’s lack of iconic intellectual property limits its competitive edge.

Meanwhile, Netflix’s ad-supported subscription tier — now available in key global markets — is emerging as the company’s most promising new revenue stream. Analysts estimate it generated around $662 million in Q3 and already attracts over half of new subscribers, totaling roughly 94 million users. Still, its overall impact remains small compared to Netflix’s projected $11.51 billion in quarterly revenue and $3.01 billion in net profit, representing jumps of 17% and 27%, respectively.

Investors like Brian Mulberry of Zacks Investment Management caution that while these new segments may eventually diversify Netflix’s revenue, “in the short term, they are not profitable.” The coming quarters will reveal whether Netflix’s gaming and advertising bets can transform from costly experiments into real growth engines.