What is a Funko Pop?
A Funko pop is a small depiction of famously known characters from popular franchises in pop culture like Marvel, DC, Disney, etc, in their outfits and different poses. They are most commonly known for their big bobbleheads and eyes. They started back in 1998 by Mike Becker, and the original idea was to bring back low-tech, nostalgia-themed toys into today’s high-tech world. The scope of the industry is, and it is significant industry because in 2021 the toy industry increased the economy of the U.S. by 100 billion U.S. dollars. The percentage of sales that funko pops represent is 6.6%.
How much can a Funko Pop go For?
A funko pop can go for hundreds if not thousands of dollars. For example, Mike W. Funko pop from the hit animated movie Monsters Inc. glows in the dark and has an estimated value of $2,250. Another example legendary DC superhero; Batman but in metallic blue and with that feature has an estimated value of $3,320. Similarly, beanie babies which are simply stuffed toys in the form of different animals can also go for the thousands but depending on what the beanie baby is it can go for an astronomical price. A Princess Diana beanie baby went for $25,000 and another one of Patti the platypus went for $12,000. Cheaply made items such as these can become extraordinarily overpriced novelties by adding certain features that grasp the Consumer’s attention and subconsciously makes them want to purchase depending on how rare.
What do analysts say?
In its entirety, Funko Pops are a series of products that are based on the TV shows and movies we watch and the books and comics we read. Analysts were talking about when $30 million dollars worth of Funko Pops were thrown in the trash but they were optimistic about it. Emma Bowman from National Public Radio (NPR) said: “Even if the beloved Funkos do end up in the landfill, there’s always a chance that they could be unearthed one day. She also said that: “Some think the Funkos should be donated instead of dumped. Others say the supposedly worthless batch could be sent to comic stores often small, independent shops that could use the Funko revenue.” This shows that there can be other uses of funko pops if this scenario arises and we can give funko pops another purpose and have them be like a hand-me-down to a sibling or another family member.
Who is the target demographic?
Funko pops are for those who want to collect figurines while still being an adult. The target demographic for Funko Pops is mothers. The spending power of this group represents 58% of the industry. Funko pops catch the Consumer’s eye and with their attention to detail, we see why everyone has at least one or a collection worth displaying in their home. Everyone has their point of view on funko pops but at the end of the day, we choose how to interact with them or look at a different object to start a collection off of.
The price point for Funko Pops
The way the funko pop looks and where it is from plays a huge factor in the total cost. According to Toynk, it says: “The Pop price guide is simple: you can get a regular release for around $8 to $11, and valuable Funko Pops can go as high as $13,000. Be ready to be the leader of your Funko community if you get your hands on one!” This explains the mark that Funko pops leaves in the pop culture community because of the popularity it has reached over the years and some people are willing to pay a lot of money for one depending on its rarity.
Who is competing against Funko Pops?
The main competitors of Funko Pops are Hasbro, Mattel, Hornby, Saro, and MyDoll. Revenue growth has been 0% to 5% year to year with adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for this year to be between $50 to $75 million. An analyst’s outlook shows that Funko is still the biggest player in the collectibles market. This is positive because this is the market that funko is showing strength in; they started from something and over the years kept improving and reached a point that now they are an American treasure and kids and adults alike possess at least one of these collectible figurines.
What is Funko doing differently?
Funko is a company that is changing the way we look at our pop culture and collectibles. Funko pops are changing the way we interpret and consume entertainment, and they are successfully doing it one vinyl figure at a time. Funko Pops strategically know how to display their figurines in stores and they are successfully changing the industry.
Verdon, Joan. “How Collectibles Brand Funko Became a $1 Billion Pop Culture Powerhouse.” Forbes, 15 June 2022, www.forbes.com/sites/joanverdon/2022/03/13/how-collectibles-brand-funko-became-a-1-billion-pop-culture-powerhouse/?sh=136db87f47f8. Accessed 4 June 2023.
Bowman, Emma. “Over $30M Worth of Funkos Are Being Dumped.” Opb, OPB, 4 Mar. 2023, www.opb.org/article/2023/03/04/over-30m-worth-of-funkos-are-being-dumped/. Accessed 4 June 2023.
Bowman, Emma. “Over $30M Worth of Funkos Are Being Dumped.” Opb, OPB, 4 Mar. 2023, www.opb.org/article/2023/03/04/over-30m-worth-of-funkos-are-being-dumped/. Accessed 4 June 2023. “Topic: Toy Industry.” Statista, Statista, 2023, www.statista.com/topics/1108/toy-industry/#editorsPicks. Accessed 4 June 2023.
Miller, Staci. “15 Rare Funko Pops That Are Worth a Fortune Now.” CBR, CBR, 14 Nov. 2018, www.cbr.com/rarest-most-expensive-funko-pops/#metallic-blue-batman. Accessed 4 June 2023.
Debczak, Michele. “10 of the Most Valuable Beanie Babies That Could Be Hiding in Your Attic.” Mental Floss, Mental Floss, 20 Feb. 2019, www.mentalfloss.com/article/573674/most-valuable-beanie-babies. Accessed 4 June 2023.
Peterson, Sara. “How Much Are Funko Pop Figures Usually Worth? Solved (2023).” Toynk Toys, Toynk Toys, 27 July 2022, www.toynk.com/blogs/news/how-much-are-funko-pop-figures-usually-worth. Accessed 4 June 2023.
“Funko Competitors.” Craft. co, 2022, craft. co/funko/competitors. Accessed 4 June 2023.
“Funko Reports Fourth Quarter 2022 and Fiscal Year 2022 Financial Results and Introduces Outlook for Fiscal Year 2023.” Funko.com, 2022, investor.funko.com/news-and-events/press-releases/Press-Releases/2023/Funko-Reports-Fourth-Quarter-2022-and-Fiscal-Year-2022-Financial-Results-and-Introduces-Outlook-for-Fiscal-Year-2023/default.aspx#:~:text=Revenue%20growth%20year%2Dover%2Dyear,%2450%20million%20and%20%2475%20million. Accessed 4 June 2023.