Netflix Partners with Mattel and Hasbro for KPop Demon Hunters Toy Line

Historic Dual Licensing Deal

In a groundbreaking move announced Tuesday, October 21, 2025, Netflix has simultaneously partnered with both Mattel and Hasbro as co-master toy licensees for KPop Demon Hunters—a deal structure virtually unprecedented in the entertainment industry. Typically, major properties grant exclusive master toy licenses to a single manufacturer, but the overwhelming global demand for KPop Demon Hunters merchandise has prompted Netflix to take a different approach.

“KPop Demon Hunters unleashed a global fan frenzy—we’re talking dancing, singing, and more screaming than anyone was emotionally prepared for,” said Marian Lee, Netflix’s Chief Marketing Officer. “HUNTR/X showed us that a truly great trio is more than the sum of its parts. Netflix, Mattel and Hasbro joining forces on this first-of-its-kind collaboration means fans can finally get their hands on the best dolls, games, and merchandise they’ve been not-so-subtly demanding on every social platform known to humanity.”

The decision to split licensing rights between two major manufacturers allows Netflix to leverage each company’s specific strengths while ensuring maximum market saturation. Financial details of the deal were not disclosed, though industry analysts suggest the arrangement could generate hundreds of millions in licensing revenue over the next several years. Mattel’s stock jumped 3% following the announcement, reflecting investor confidence in the partnership’s potential.

Product Lines and Categories

Mattel’s Product Portfolio: The toy giant behind Barbie and Hot Wheels will spearhead development of dolls, action figures, accessories, collectibles, and playsets based on the film’s characters. Roberto Stanichi, Mattel’s Chief Global Brand Officer, emphasized the company’s commitment to quality: “Celebrating the breakout characters at the heart of the film, Mattel will harness our world-class design, creative, and marketing expertise to introduce a broad range of products across major categories to the delight of fans around the world.”

Mattel has already announced its first product offering: a three-pack of premium fashion dolls featuring HUNTR/X members Rumi, Mira, and Zoey in their climactic concert outfits from the film’s finale. These dolls will be available for pre-order through Mattel Creations starting November 12, 2025, with shipping scheduled for 2026. The company plans to expand the line with additional character dolls, variant outfits representing different performances from the film, collectible playsets including concert stages and demon-fighting accessories, and potential collaborations with Mattel’s other brands.

Hasbro’s Product Portfolio: The entertainment company behind Transformers, My Little Pony, and Monopoly will focus on special-feature plush toys, youth electronics, role-play products, and board games. Tim Kilpin, Hasbro’s President of Toy, Licensing, and Entertainment, stated: “KPop Demon Hunters is a powerful pop culture phenomenon with global resonance—one that aligns seamlessly with our portfolio of iconic brands and our commitment to innovation.”

Hasbro’s first product is already available for pre-order: Monopoly Deal: KPop Demon Hunters Edition, launching January 1, 2026. The card game adaptation features custom artwork, character-specific cards, and gameplay mechanics inspired by the film. Future Hasbro products will include interactive plush toys with sound effects and phrases from the movie, electronic music-making toys allowing kids to create their own K-pop tracks, role-play items including microphones, costumes, and demon-hunting accessories, and additional board games and puzzles.

The Film’s Phenomenal Success

Since its June 2025 debut, KPop Demon Hunters has become a genuine cultural phenomenon, shattering records and defying expectations. The animated musical follows HUNTR/X—a fictional K-pop girl group consisting of Rumi, Mira, and Zoey—who maintain double lives as international pop superstars and secret demon hunters protecting their fans from supernatural threats. When they encounter the Saja Boys, a rival boy band that’s actually demons in disguise, the stage is set for an epic showdown blending spectacular musical performances with supernatural action.

The film’s success metrics are staggering. With over 325 million views in its first 91 days, it surpassed previous Netflix records held by films like Red Notice and Don’t Look Up. The soundtrack achieved platinum certification, with the breakout single “Golden” spending multiple weeks at number one on the Billboard Hot 100—making it the longest-running chart-topper by a girl group in over two decades, since Destiny’s Child.

Social media engagement has been equally impressive, with TikTok challenges based on the film’s choreography generating billions of views. Cosplayers worldwide have created elaborate recreations of the characters’ concert costumes and demon-hunting gear. The film has sparked countless fan creations including artwork, fanfiction, and tribute performances, demonstrating the deep emotional connection audiences have formed with the property.

Netflix has responded to this enthusiasm by screening the film theatrically—first with a limited two-day event in August 2025, then with an extended run during Halloween week. Both theatrical releases proved successful, with many screenings selling out and audiences singing along to the musical numbers, further demonstrating the property’s crossover appeal beyond streaming.

Netflix’s Merchandising Strategy

The toy partnership represents a significant expansion of Netflix’s consumer products division, which has been steadily growing as the company seeks to diversify revenue streams beyond subscriptions. Unlike traditional entertainment companies like Disney, which have decades of experience monetizing intellectual property through merchandise, Netflix is relatively new to physical retail but learning quickly.

Netflix already operates an online shop offering KPop Demon Hunters apparel, accessories, and collectibles, which have been selling briskly since the film’s release. The company has also developed toy lines for other properties including Stranger Things (with partners like Lego and Funko), Squid Game, and Bridgerton. Additionally, Netflix has invested heavily in experiential entertainment, including the upcoming Netflix House locations offering immersive experiences based on its content, mobile games expanding its universe of stories, and live events such as Bridgerton-themed balls in major cities.

What makes the KPop Demon Hunters deal particularly significant is that it demonstrates Netflix’s ability to transform a standalone animated film—not a sequel, remake, or established franchise—into a major merchandising property. This success validates the company’s content strategy and suggests that future original films with strong fan engagement could follow similar paths.

Market Impact and Future Outlook

The merchandising push comes at an optimal time for all parties involved. Mattel and Hasbro, both facing challenges in the evolving toy market, gain access to one of the year’s hottest entertainment properties. For Mattel, which has successfully transformed Barbie back into a cultural phenomenon following the 2023 live-action film, KPop Demon Hunters offers another opportunity to connect with contemporary audiences through fashion dolls with diverse representation and empowering narratives.

Hasbro, meanwhile, continues diversifying beyond its traditional action figure and board game categories, embracing entertainment properties that resonate with younger, digitally-native audiences. The company’s experience with licensed entertainment properties like Star Wars and Marvel positions it well to maximize the KPop Demon Hunters opportunity across multiple product categories.

Products from both companies will begin arriving at major retailers including Target, Walmart, Amazon, and specialty toy stores in spring 2026, with the rollout continuing through the 2026 holiday season and beyond. Industry analysts predict the toy line could generate $200-300 million in retail sales during its first year, with potential for sustained performance if Netflix continues supporting the property with additional content.

Speaking of which, while Netflix hasn’t officially announced a sequel to KPop Demon Hunters, the toy deal strongly suggests the company views the property as an ongoing franchise rather than a one-off success. Industry insiders speculate that discussions about follow-up films, series, or spin-offs are likely underway, which would provide sustained momentum for the merchandise lines and create a virtuous cycle of content and consumer products reinforcing each other.

As streaming services increasingly compete for audience attention and explore revenue diversification, Netflix’s approach with KPop Demon Hunters may become a template for how entertainment companies in the streaming era can build franchise properties that extend far beyond the screen—creating deeper fan engagement while generating substantial additional revenue streams.