Netflix has signed and “unprecedented” global licensing agreements with Mattel and Hasbro for merchandise and toys based on its animated film KPop Demon Hunters. The two firms will act as co-master toy licensees, covering categories from dolls to board games.
Netflix Inks Major Deals With Mattel and Hasbro for ‘KPop Demon Hunters’ Toys, Games and Products https://t.co/Q6F8zlIIln
— The Hollywood Reporter (@THR) October 21, 2025
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However, excited fans shouldn’t expect anything out this Christmas Holiday season.
Breakdown of the Deals
Mattel will create dolls, action figures, accessories, collectibles, and playsets, as well as co-brand collaborations worldwide. To offer advance access, Mattel’s direct-to-consumer platform Mattel Creations will open a presale on November 12, 2025, of a three-pack of HUNTR/X fashion dolls, with shipping scheduled in 2026.
A screenshot from the trailer to KPop Demon Hunters – YouTube, Sony Pictures Animation
Hasbro will manage a complementary set of products that expand into interactive and role-play segments. Its portfolio under the deal includes plush toys, youth electronics, role-play items, and games.Notably, Hasbro will leverage existing brands within its ecosystem—such as Hasbro Games, Wizards of the Coast, Nerf and Furby—to create collaborations tied to KPop Demon Hunters. This approach aims to integrate the film’s characters and themes into a wider play and game context.
Hasbro’s first release will be a Monopoly Deal: KPop Demon Hunters edition, available for pre-order starting October 21, 2025. Shipping is scheduled for January 1, 2026.
Industry Context
This dual licensing approach is rare in the toy industry, with some describing this as an “industry-first.” Traditionally, one company holds a master license for an entertainment property. Netflix said the new model allows broader product development and retail reach. The company described the partnership as part of its long-term plan to expand into consumer goods.
K-Pop Demon Hunters is so huge that Mattel & Hasbro had to split the product licensure from Netflix. Disney will now absolutely be playing second fiddle in the girls merch market by 2027. Netflix took out tens of BILLIONS in decades-long unassailable, multi-IP market power almost… https://t.co/FekwiVtRzv
— Valliant Renegade (@ValliantRenegad) October 21, 2025
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Valiant Renegade commented on just how big of deal this is for the industry, posting on X, “K-Pop Demon Hunters is so huge that Mattel & Hasbro had to split the product licensure from Netflix. Disney will now absolutely be playing second fiddle in the girls merch market by 2027. Netflix took out tens of BILLIONS in decades-long unassailable, multi-IP market power almost overnight from the Disney Princesses with a single $120M check to Sony.”
Holiday Shortage: No KPop Demon Hunters Toys This Christmas
Despite Netflix’s massive new licensing partnerships with Mattel and Hasbro, fans eager to grab KPop Demon Hunters merchandise this holiday season are out of luck. As reported by Geeks + Gamers, there simply won’t be any toys available for Christmas 2025. The reason is straightforward — no one expected the movie to be this big.
When KPop Demon Hunters debuted in June, the animated musical skyrocketed in popularity, becoming one of Netflix’s most-watched releases of all time. That success caught both Netflix and the toy industry off guard. At the time, there were no manufacturing plans in place for a global toy rollout, because early projections hadn’t suggested the film would generate such explosive demand.
A screenshot from the trailer to KPop Demon Hunters – YouTube, Sony Pictures Animation
By the time Netflix finalized its dual toy deals with Mattel and Hasbro, the production window for the 2025 holiday season had already closed. The earliest confirmed releases — including the Mattel Creations doll set and Hasbro’s Monopoly Deal: KPop Demon Hunters Edition — won’t ship until early 2026.
The situation highlights how unpredictable the entertainment-to-merchandise pipeline can be. Netflix had a surprise hit on its hands, but the companies involved couldn’t move fast enough to meet fan demand.
Still, the delay may end up working in Netflix’s favor. With two of the world’s biggest toy companies now collaborating on a coordinated product line, 2026 could see KPop Demon Hunters evolve from a streaming success into a full-blown retail franchise.
Film Background
KPop Demon Hunters is an animated musical produced by Netflix and Sony Pictures Animation. The story follows a fictional K-pop girl group, HUNTR/X, who secretly battle demons while performing. The film premiered globally on Netflix in June 2025. Within 91 days, it had drawn 325 million views worldwide. The soundtrack reached the top of the Billboard 200 albums chart and recorded over 8 billion streams.
A screenshot from the trailer to KPop Demon Hunters – YouTube, Sony Pictures Animation
The film’s success led to growing consumer interest in licensed products. Netflix and its partners are preparing for a large-scale rollout aimed at both collectors and younger audiences.
Marion Lee, Netflix’s Chief Marketing Officer, commented on the film’s success and upcoming toys.
“KPop Demon Hunters unleashed a global fan frenzy — we’re talking dancing, singing and more screaming than anyone was emotionally prepared for,” she said. “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. As Rumi, Mira and Zoey say — for the fans!”
Summary
Netflix’s decision to appoint both Mattel and Hasbro as co-master toy licensees for KPop Demon Hunters represents a significant step in its merchandising strategy. With a staggered rollout beginning in 2026, the partnerships mark an effort to convert a successful animated film into a lasting retail brand.
A screenshot from the trailer to KPop Demon Hunters – YouTube, Sony Pictures Animation
Unfortunately, anyone hoping that Santa would be bringing KPop Demon Hunters merch with him down the chimney this year are out of luck!
What do you think of the upcoming KPop Demon Hunters toys and the movie’s popularity? Let us know in the comments!
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Is there anyone here, anyone? Anyone? Anyone clamoring for some korean, animated, little girl show toys? Are you going to have a display of Spider-Man, han solo, and some korean teenage girl figure.
Don’t invite me over to your house for a BBQ.
Dark Helmet: Knock on my door next time! Did you see anything?
Colonel Sandurz: No sir, I did not see you playing with your dolls again.
Also, look at how popular wifus are… this could have been a huge hit… if they’d hit the market a month ago but it looks like everyone is going to strike while the iron is ice cold.