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PR Newswire
29-09-2024, 02:24 PM
Tencent's League of Legends and Fornite disrupted the "Pay to play" business model with its "Free to play (with in app purchases)".
Now the Chinese are pioneering a "blind box" toy retail business model. I had my recent experience on such blind boxes while trying to get one for my daughter.
Old forgies would immediately recall the Beanie Babies' craze. Most collectors got burnt but its Principals got really rich. Of course, the "blind box" model can probably be easily copied and I suspect only a matter of time before those figures without "characters/stories" get phased out.
Pop Mart toys fuel 150% rally in bright spot for China consumer
Li likes collecting blind box toys, or cartoon figurines in mystery packaging, featuring versions of the store’s signature character Molly dressed up like Garfield, a Minion or Ultraman. She has dozens at home.
The popularity of figures like Molly – a short-haired girl with an iconic pouting expression – also challenged the market’s conventional view that characters without narratives won’t succeed. Unlike Walt Disney’s Mickey Mouse or Sanrio’s Hello Kitty, Pop Mart’s toys don’t have stories behind them and instead rely on introducing new versions with changing contexts to boost their vitality.
To win investors long term, Pop Mart will need to sustain the longevity of its most beloved toy characters while continuing to introduce new ones. And it will need to keep luring customers like Miki Li, for whom blind box fever – while exciting – can become costly.
https://www.businesstimes.com.sg/lifesty...a-consumer
Now the Chinese are pioneering a "blind box" toy retail business model. I had my recent experience on such blind boxes while trying to get one for my daughter.
Old forgies would immediately recall the Beanie Babies' craze. Most collectors got burnt but its Principals got really rich. Of course, the "blind box" model can probably be easily copied and I suspect only a matter of time before those figures without "characters/stories" get phased out.
Pop Mart toys fuel 150% rally in bright spot for China consumer
Li likes collecting blind box toys, or cartoon figurines in mystery packaging, featuring versions of the store’s signature character Molly dressed up like Garfield, a Minion or Ultraman. She has dozens at home.
The popularity of figures like Molly – a short-haired girl with an iconic pouting expression – also challenged the market’s conventional view that characters without narratives won’t succeed. Unlike Walt Disney’s Mickey Mouse or Sanrio’s Hello Kitty, Pop Mart’s toys don’t have stories behind them and instead rely on introducing new versions with changing contexts to boost their vitality.
To win investors long term, Pop Mart will need to sustain the longevity of its most beloved toy characters while continuing to introduce new ones. And it will need to keep luring customers like Miki Li, for whom blind box fever – while exciting – can become costly.
https://www.businesstimes.com.sg/lifesty...a-consumer