Funko Pops have taken over the world relatively quickly with their collectible figurines, and variants are available for every major IP. The company is now doing over a billion a year in sales, but how did it get there? We’ll take a look at how Funko Pop took over the world to get some answers.
How It All Began
Mike Beck founded the company in Snohomish, WA, in 1998, and it was first known as Wacky Wobblers. Its first product to hit the market was a bobble head figurine of the Bog Boy restaurant mascot. He started the company because he couldn’t find an affordable Big Boy coin bank and decided to build his own.
Beck sold the company to his friend and toy collector, Brian Mariotti, in 2005. He expanded the company with products like Pop! Vinyl figurines in 2011. Since then, the company has grown by leaps and bounds, acquiring its European distributor, Underground Toys, in 2017, the fashion brand Loungefly in 2019, and Mondo in 2022.
Their Secret To Success
The main secret to Funko’s success is tapping into the pop culture market and knowing what’s hot and what’s not. Its business model is based on finding the most popular intellectual properties from the pop culture sphere and running with it until the hype dies.
Right now, the company has over 1,100 licenses in its portfolio, ranging from massive properties like Marvel to sports stars like Tom Brady, and even old TV shows like The Sopranos. With so much to choose from, there’s something for every fan.
Funko knows that just selling a product isn’t enough, and they build their brand around giving fans what they want. It has regular live events, limited editions, and advance purchase options to keep fans excited about the next release. Keeping the product lines fresh and continuously changing the lineup also ensures their products stay relevant and topical.
Another way Funko pushes sales is by targeting adults instead of kids as its target market. Most kids don’t have money and rely on adults to buy them stuff, often on occasions like Christmas or birthdays. Adults tend to have more disposable income and can buy Funko Pop figurines on a whim.
Why People Buy Funko Pops
Funko Pops remind people of their favorite movies, games, or characters and bring back memories of happy times. They also allow fans to be a part of the magic by having a piece of something they love and enjoy. Making money off preexisting fanbases from other properties is genius and enables Funko to tap into almost unlimited markets.
Collectibility is another reason why people like Funko Pops, and many people like to build themed collections of their favorite properties. Others take it more seriously as an investment and look for rare figurines they can flip for a profit later.
The Future Of Funko Pops
Funko has big plans for the future and is expected to expand its product line and move into more international territories. It can also enjoy smooth sailing because there aren’t any companies offering rival products.
