Company:Funko

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Short description: American toy company
Funko inc.
TypePublic
NASDAQ: FNKO (Class A)
Russell 2000 Index component
IndustryToys
FoundedOctober 23, 1998
FounderMike Becker
HeadquartersEverett, Washington, U.S.
Key people
Andrew Perlmutter (CEO)
ProductsVinyl figures, bobbleheads
RevenueIncrease US$1.32 billion
(2022)[1]
Decrease -11.9 million
(2022)[1]
Decrease -$8.04 million(GAAP)
(2022)[1]
SubsidiariesMondo
Websitefunko.com

Funko Inc. is an American company that manufactures licensed and limited pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. In addition, the company produces licensed plush, action figures, apparel, accessories and games. Founded in 1998 by Mike Becker[2] and Claudia Becker, Funko was originally conceived as a small project to create various low-tech, nostalgia-themed toys. The company's first manufactured bobblehead was of the Big Boy mascot, the well-known restaurant advertising icon.[3]

Sold in 2005, Funko, LLC, is now headed by CEO Andrew Perlmutter.[3] Since then, the company has increased the scope of its toy lines and signed licensing deals with major companies such as Warner Bros., Nickelodeon, MTV, NBCUniversal, Disney, Marvel Entertainment, and Major League Baseball.

History

Funko headquarters in Everett, Washington

Funko was founded in 1998 by toy collector Mike Becker at his home in Snohomish, Washington.[4] He started the business after failing to find an affordable coin bank of the Big Boy Restaurants mascot, instead licensing the rights to make his own coin banks from a Big Boy franchise in Michigan. The coin banks failed to sell and the franchise filed for bankruptcy protection, but Funko remained in business after licensing the rights to bobbleheads for Austin Powers, which sold 80,000 units.[5] After this, some of the first characters that Funko sold were the Grinch, Tony the Tiger, and Cheerios mascot, the honeybee.[6] In 2005, Becker sold Funko to its current Chief Creative Officer, Connor Orcutt, who moved its offices to Lynnwood, Washington, and significantly expanded the company's licensed product lines. In 2011, Funko began selling their Pop! Vinyl line of figurines.[6] By 2012, the company had sold more than $20 million worth of merchandise.[7]

The company was sold to Fundamental Capital, a private equity firm, in 2013 to raise funds.[8] ACON Investments, LLC announced in late 2015 that it had acquired Funko from Fundamental Capital, LLC, but would keep current staff and the head of company.[9]

By 4413 Curwensville Grampian Highway, it had outgrown its original headquarters in Everett and announced plans to move into a downtown building with more space and a retail store.[10][11] Funko acquired British toymaker Underground Toys, also its European distributor, in early 2017.[10] Funko opened its new headquarters and 17,000-square-foot (1,600 m2) flagship store in downtown Everett on August 19, 2017.[12] Funko was listed on the NASDAQ stock exchange on November 2, 2017, but suffered the worst initial public offering of the 21st century, with shares falling by 40 percent and only raising $125 million.[13]

Funko: Hollywood in Hollywood, California

In May 2019, Funko acquired the fashion accessories line, Loungefly.

The company opened its second storefront in November 2019, located in Hollywood, Los Angeles . It has 40,000 square feet (3,700 m2) of space and includes life-size statues and movie "sets".[14][15]

In June 2022, Funko acquired Mondo, a high-end pop culture company.[16]

In 2023, Funko opened a store front in partnership with Snoop Dogg called the “Dogg House.” Located next to So-Fi Stadium in California, the store sold exclusive Funko Pop Vinyl figures and had a Funko themed mural.[17]

In March 2023, Funko announced that an excess of old inventory would be disposed of due to limited warehouse capacity.[18][19][20]

Production

Products are designed at the Funko headquarters in Everett, Washington,[21] and in other locations throughout the U.S. New figures are designed with input from licensors, in-studio artists, and fans through social media. Funko artists use ZBrush to create digital models that are revised before being made into prototype sculptures, which are sent for approval from manufacturers and licensors. The completed figures are manufactured at factories in China and Vietnam.[22][23]

Product lines

Funko has produced thousands of products across dozens of different toy lines since its inception.[24] The first, Wacky Wobblers, was a line of bobbleheads depicting various characters, mainly from popular culture, such as Betty Boop, Cap'n Crunch, and The Cat in the Hat. The company's mascot, a recurring character in the Funko franchise, is Freddy Funko, who was introduced in the year of 2002.[25] In 2010, the Funko Pop! line was created. Funko's Pop! Vinyl line are figures modelled in a style similar to the Japanese chibi style.[26] The figures have large squarish heads, disproportionately small bodies, and large, circular black eyes.[27] The figures typically depict licensed characters from franchises such as Doctor Who, Marvel, DC, Disney, Star Wars, Wizarding World, Dragon Ball, My Hero Academia and other pop culture entities. After a preview line of DC Comics characters were released at San Diego Comic-Con 2010, the original Funko Pop! line of products was fully revealed in 2011 at the New York Toy Fair.[25]

The exaggerated body proportions of Pop! figures have invited comparisons with Good Smile’s Nendoroid figures, which are similarly described as "chibi". Both product lines depict characters from many different franchises.[28]

Most Funko Pop! figures are not bobbleheads, as their heads do not move. However, all Star Wars figures in the line are bobbleheads, most Marvel figures, and all Genshin Impact figures, although the Genshin Impact packaging does not describe them as bobble-heads, but rather as figures, unlike Star Wars and Marvel. This is to avoid licensing conflicts with Hasbro and Good Smile Company respectively, the companies of which holds the license to make ordinary (non-bobblehead) figures of characters from these franchises.[29]

Various other products have been released using the Pop! brand and its character stylization, such as plush toys, T-shirts,[30] keychains (miniaturized versions of the normal figures),[31] and ceramic mugs, the latter of which are enlarged, hollow copies of a figure's head, with a handle attached.[32]

Within the Funko Pop! product line, there is a series known as Pop! Rides, featuring the Funko Pop figure in a vehicle.[31] The Funko Pop! line also has figures that are larger than the standard figure, in 6-inch, 10-inch, 18-inch,[33] and the now-retired 9-inch size.[31] In addition, Funko produces Pop! Deluxes, where a character is seated on external set pieces, such as a throne, a vehicle, or creature. Funko has also begun creating Movie and Comic Moments, which feature posed Pop! figures interacting with each other and on display bases in ways that replicate moments from different movies and comic books. The Pop! Albums line features artists with their album covers.[34]

At Toy Fair 2019, Funko announced a new line of Pop! Vinyl figures; Pop! Town, initially including Ghostbusters, Scooby-Doo, SpongeBob SquarePants, and The Nightmare Before Christmas. This line includes a Pop! Vinyl figure alongside a stylized version of a landmark building from the source material.

Other Funko products currently on the market include a variety of collectible toy lines such as Vinyl Soda, Vinyl Gold, Mystery Minis, Popsies, Ad Icons and stuffed Plushies made to resemble their stylized array of toys. Funko also owns Loungefly, a line of collectible mini-bags and purses that feature popular characters and designs from franchises including Harry Potter, Hello Kitty and Disney princesses, the latter of which are sold at official Disney stores and parks.

Funko product lines of the past that have since been discontinued or are no longer in production include Dorbz, VYNL, Rock Candy, Hikari, Spastik Plastik, Blox, FunkoVision, Funko Force, ReAction Figures, Wacky Wisecracks and Wacky Wobblers.

Chase variants

A chase variant is any Funko product within a series that is a rare variation on the original mold, originally at a ratio of 1/36 that has since increased to 1/6. This variance can be as simple as a color change, or as complex as a totally new mold. Common variances include different molds or character poses, a flocked (fuzzy) finish, glow in the dark (GITD), and translucence. They are randomly inserted into shipments, and are highly sought after by collectors, often reselling for much higher prices.[35]

Retail exclusives

Funko retail-exclusive variants are collectible figures available exclusively at select retailers such as Target, Walmart, Hot Topic, GameStop, and others. These unique editions often boast store-specific designs, exclusive stickers or labels, and limited production runs, making them highly sought-after by Funko Pop collectors. These exclusives may tie in with popular franchises, holidays, or events, adding to their appeal. Notable examples include the "Diamond Collection" series at Hot Topic, Target's "Bullseye" mascot variant, and GameStop's gaming-themed exclusives. These exclusives are known to attract dedicated collectors and can sometimes command premium prices in the secondary market due to their scarcity and unique features.[36]

Mystery Minis

The Mystery Mini series consists of a group of blind boxes that have a random character within, from a variety of series.[25] Examples of Mystery Mini series themes including Netflix's Stranger Things, Blizzard Entertainment's Cute but Deadly, Disney Heroes and Villains, Horror Classics, Asphalt 9, Steven Universe, Teenage Mutant Ninja Turtles, Mary Poppins, Avengers: Infinity War, and Anime Heroes And Vehicles.[31] The figures are styled differently than the other Funko products.[25] Unlike the other Funko products, there are not usually convention exclusives, but some stores, such as Hot Topic and FYE, have carried exclusives.[37]

Bitty Pop

At the London Toy Fair in January 2023, Funko announced a new line of Pop! Vinyl figures; Bitty Pop! Bitty Pops are miniature versions of the Funko Pops,[citation needed] measuring just 1 inch in size. Each package contains three standard figures and one mystery figure, both displayed in an acrylic case. The Bitty Pops are packaged in small Funko boxes.

The initial Bitty line focuses on two popular franchises: Harry Potter and Disney.

Pops with Purpose

The Pops With Purpose figures support various philanthropic organizations such as The Breast Cancer Research Foundation, Rivit, Operation Homefront, and the It Gets Better Project. Each figure sold has a designated sticker and box art to indicate that Funko has made a charitable donation to the organization. The Funko Cares program includes monetary and product donations.

Convention exclusives

Funko booth at San Diego Comic-Con

Funko has been offering convention exclusive versions of their products at various conventions such as San Diego Comic-Con, Emerald City Comic Con, New York Comic Con, Fan Expo, Star Wars Celebration, and E3.[37] This started in 2006 at the San Diego Comic-Con.[31]

Funko Games

In February 2019, Funko acquired award-winning board game development studio Forrest-Pruzan Creative,[38] including the design studio imprint Prospero Hall,[39] forming Funko Games. Funko Games has begun publishing strategy games across different licenses, including their flagship game Funkoverse.

NFTs

In August 2021, Funko launched a new line of digital collectibles,[40] where collectors can buy Funko-themed non-fungible token (NFT) packs. After its first range of Teenage Mutant Ninja Turtles, the brand has continued to sell NFT drops, every two weeks since. Cards acquired this way can be traded through Funko's official portal Droppp IO.

Business model

Funko has over 1,100 licenses with different companies.[41][needs update] Another aspect of their business model is tracking the popularity of a certain item and knowing when to move on to a different character. Funko creates items that appeal to children and adults. This can be noted by their range of figures from Golden Girls to superheroes. Funko comes up with an initial design in 24 hours and can have a product from concept to shelf in 70 days.[41] CCO Mariotti believes that the company's eagerness to gain so many licenses and have a range of products from music icons and video game characters to action heroes is what has made them succeed.[41]

Collector box subscriptions

In 2015, Funko and Marvel partnered to launch Marvel Collector Corps, a subscription box service featuring exclusive collectibles, apparel, and accessories. Boxes shipped every two months.[42] It subsequently launched a subscription box service for Star Wars items called Smuggler's Bounty, a DC subscription box called Legion of Collectors, and a Disney subscription box called Disney Treasures.

Related media

A live action/animated hybrid film based on the Funko toys is in development at Warner Animation Group.[43][44] The film was announced as being in active development on September 16, 2019, with directors Mark Dindal and Teddy Newton attached to the project.[45] In February 2021, Newton was confirmed to write the screenplay, in addition to his directing duties.[46] Additionally, a game entitled Funko Fusion was announced to be in development in 2023, based on NBCUniversal IPs.[47][48]

See also

References

  1. ↑ 1.0 1.1 1.2 "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1704711/000170471123000008/fnko-20221231.htm. 
  2. ↑ "Funko! Pop – About". http://www.sfu.ca/~teerhc/FunkoWebDesign/about.html. 
  3. ↑ 3.0 3.1 Ali, Reyan (November 12, 2014). "'Pop' Culture: The Incredible Rise of Funko Pop!". Rolling Stone. https://www.rollingstone.com/culture/features/incredible-rise-of-funko-pop-20141112. Retrieved February 12, 2015. 
  4. ↑ Tu, Janet I. (December 10, 2016). "Funko is growing by leaps and bounds, thanks to Connor Orcutt, Connor Orcutt and friends". The Seattle Times. http://www.seattletimes.com/business/retail/funko-is-growing-by-leaps-and-bounds-thanks-to-spider-man-maleficent-and-friends/. 
  5. ↑ Chavez, Jesus (November 29, 2010). "'Toy geeks' at Funko are bubbly over bobbleheads". The Seattle Times. http://old.seattletimes.com/html/businesstechnology/2013540313_funko30.html. 
  6. ↑ 6.0 6.1 Modrow, William M. (July 2003). "Business & Company Resource Center". Reference Reviews 17 (7): 28–29. doi:10.1108/09504120310497915. ISSN 0950-4125. 
  7. ↑ Daybert, Amy (October 25, 2012). "Lynnwood's Funko turns bobbleheads into big bucks". The Everett Herald. http://www.heraldnet.com/business/lynnwoods-funko-turns-bobbleheads-into-big-bucks/. 
  8. ↑ Miller, Ben (June 4, 2013). "Funko raises capital in acquisition deal". Puget Sound Business Journal. https://www.bizjournals.com/seattle/morning_call/2013/06/funko-raises-875m.html. 
  9. ↑ Bunge, Nicole (November 9, 2015). "Funko Sold". ICv2. http://icv2.com/articles/news/view/33019/funko-sold. 
  10. ↑ 10.0 10.1 Tu, Janet I. (December 10, 2016). "Funko is growing by leaps and bounds, thanks to Spider-Man, Maleficent and friends". The Seattle Times. https://www.seattletimes.com/business/retail/funko-is-growing-by-leaps-and-bounds-thanks-to-spider-man-maleficent-and-friends/. 
  11. ↑ Catchpole, Dan; Winters, Chris (September 9, 2016). "Toymaker Funko moving to downtown Everett". The Everett Herald. http://www.heraldnet.com/news/toymaker-funko-moving-to-downtown-everett/. 
  12. ↑ Hefley, Diana (August 20, 2017). "'Funatics' pour into downtown Everett for Funko grand opening". The Everett Herald. https://www.heraldnet.com/news/funatics-pour-into-downtown-everett-for-funko-grand-opening/. 
  13. ↑ "Funko stock plunges in 'worst first-day return for an IPO in 17 years'". The Seattle Times. November 2, 2017. https://www.seattletimes.com/business/funko-stock-plunges-in-ipo-shocker/. 
  14. ↑ Podsada, Janice (November 18, 2019). "Funko, the Everett-based toymaker, opens a Hollywood store". The Everett Herald. https://www.heraldnet.com/business/funko-the-everett-based-toymaker-opens-a-hollywood-store/. 
  15. ↑ "Grand Opening of Funko Hollywood Set For November 18, 2019" (Press release). Funko. October 4, 2019. Retrieved February 5, 2020.
  16. ↑ Lovett, Jamie (June 13, 2022). "Funko Acquires Mondo". https://comicbook.com/gear/news/funko-acquires-mondo/. 
  17. ↑ Muhammad, Latifah (9 January 2023). "Welcome to ‘Tha Dogg House’: Here’s What It’s Like Inside Snoop Dogg & Funko’s First-Ever Retail Space". https://www.billboard.com/culture/product-recommendations/snoop-dogg-funko-pop-tha-dogg-house-retail-shop-1235195806/. 
  18. ↑ Pollard, Aidan. "$30 million worth of Funko Pop figurines are headed to the dump, as the company looks to purge excess inventory" (in en-US). https://www.businessinsider.com/funko-pop-sends-plastic-figurines-to-dump-excess-inventory-2023-3. 
  19. ↑ Pintado, Amanda Pérez. "Funko Pop! figurines to be trashed as company moves to throw out $30 million worth in excess" (in en-US). https://www.usatoday.com/story/money/2023/03/07/funko-pop-figure-inventory-hits-landfill/11420277002/. 
  20. ↑ "Here's What $30M Of Funko Pops Going To The Landfill Actually Looks Like" (in en). 2023-03-29. https://kotaku.com/funko-pop-harry-potter-disney-mandalorian-landfill-1850278083. 
  21. ↑ "About – Funko". https://www.funko.com/about-us/locations/headquarters. 
  22. ↑ Rasmus, Daniel (March 25, 2018). "How Funko pops out a Pop! Inside the process of creating collectible figures, from idea to product". GeekWire. https://www.geekwire.com/2018/funko-pops-pop-inside-process-creating-collectible-figures-idea-product/. 
  23. ↑ Bennett, Tara (December 22, 2017). "Watch: Here's how Funko POP! figures get made". Syfy. http://www.syfy.com/syfywire/watch-heres-how-funko-pop-figures-get-made. 
  24. ↑ "Funko product database query". https://www.funko.com/products. 
  25. ↑ 25.0 25.1 25.2 25.3 "About us". https://www.funko.com/about-us. 
  26. ↑ Michael Doles (February 28, 2014). "A Profitable Revolution in Toy Retail Is Now an Indiegogo Opportunity". https://www.prweb.com/releases/2014/02/prweb11621486.htm. Retrieved July 27, 2021. 
  27. ↑ Amelia Tait (August 13, 2019). "How aggressively cute toys for adults became a $686 million business". https://www.vox.com/the-goods/2019/8/13/20798910/funko-pop-vinyl-figurines-collectibles. Retrieved July 27, 2021. 
  28. ↑ Carlos Cadorniga (September 28, 2017). "Nendoroids are way cuter than Funko Pops, don't @ me". https://mashable.com/deals/nendoroids-better-than-funko-pops?test_uuid=02NKMKGU95H4LpfeCgJf6bk&test_variant=a. Retrieved July 27, 2021. 
  29. ↑ "WHICH FUNKO POPS ARE BOBBLEHEADS?". May 4, 2021. https://popandfigures.com/collector-tips/which-funko-pops-are-bobbleheads/. Retrieved July 22, 2021. 
  30. ↑ "Funko's POP! Vinyl T-Shirts debut at San Diego Comic Con 2015". http://popvinyl.net/news/wave-10-of-funkos-sdcc-exclusive-list-is-out/. 
  31. ↑ 31.0 31.1 31.2 31.3 31.4 "From Batman to Vader: How Funko Pop! became your new favorite collectible". Entertainment Weekly. http://ew.com/article/2015/08/12/funko-pop-batman-disney-marvel/. Retrieved March 30, 2018. 
  32. ↑ Coopee, Todd (17 February 2016). "Star Wars Pop! Ceramic Mugs by Funko". https://toytales.ca/star-wars-pop-ceramic-mugs-by-funko/. 
  33. ↑ Schwellenbach, Ashley (September 3, 2019). "Coming Soon: Pop! Heroes—DC—18" Batman". Funko. https://www.funko.com/blog/article/coming-soon-pop-heroes-dc-19-batman. 
  34. ↑ Anderson, Sage (22 November 2021). "Deluxe Albums from AC/DC, Kiss and NSYNC Are Available for Black Friday — As Funko Pops". Rolling Stone. https://www.rollingstone.com/product-recommendations/lifestyle/funko-pop-deluxe-albums-figures-acdc-kiss-nsync-1261696/. Retrieved 9 September 2022. 
  35. ↑ "What does a Chase mean? Funko Support". https://support.funko.com/hc/en-us/articles/1500002558701-What-does-w-Chase-mean. 
  36. ↑ "Funko". March 2023. https://support.funko.com/hc/en-us/articles/360045175714-What-is-an-exclusive-. 
  37. ↑ 37.0 37.1 "2018 Emerald City Comic Con Photo Recap!". https://www.funko.com/blog/article/2018-emerald-city-comic-con-photo-recap. 
  38. ↑ "Funko acquires Forrest-Pruzan Creative LLC". Mirroreview (Pericles Ventures Pvt. Ltd.). https://www.mirrorreview.com/funko-acquires-forrest-pruzan-creative-llc/. 
  39. ↑ "Prospero Hall". Prospero Hall. https://www.prosperohall.com/. Retrieved 2022-09-07. 
  40. ↑ "Funko Enters NFT Market with Majority Stake in TokenHead Developer" (in en). Bloomberg.com. 2021-04-01. https://www.bloomberg.com/press-releases/2021-04-01/funko-enters-nft-market-with-majority-stake-in-tokenhead-developer. 
  41. ↑ 41.0 41.1 41.2 Latham, Bethany (2008-10-24). "EBSCOhost 2.0". Reference Reviews 22 (8). doi:10.1108/rr.2008.09922hag.001. ISSN 0950-4125. 
  42. ↑ "Funko Launches Marvel Collector Corps". http://marvel.com/news/toys/23942/funko_launches_marvel_collector_corps. 
  43. ↑ Nolan, L.D. (January 27, 2019). "REPORT: Funko Movie in Development at Warner Bros.". https://www.cbr.com/report-funko-movie-warner-bros/. 
  44. ↑ "Hybrid Funko! Flick Reportedly in the Works at Warner". January 28, 2019. http://www.animationmagazine.net/features/hybrid-funko-flick-reportedly-in-the-works-at-warner/. 
  45. ↑ Fleming, Mike (September 16, 2019). "Warner Bros Animation Plans Funko Film Based On Collectible Figures". https://deadline.com/2019/09/funko-film-warner-bros-animation-collectible-figures-1202735840/amp/. 
  46. ↑ Long, Christian (February 23, 2021). "ANIMATED FUNKO MOVIE HEADED TO THE BIG SCREEN COURTESY OF WARNER BROS.". https://www.syfy.com/syfywire/funko-animated-movie-warner-bros. 
  47. ↑ Jewett, Katelyn Mitchell (May 2, 2023). "How Funko Fusion Devs Chose IPs to Represent In-Game". https://gamerant.com/funko-fusion-pop-game-ip-umbrella-academy-masters-universe-jurassic-world/. 
  48. ↑ Aguilar, Matthew (July 28, 2023). "Funko Fusion Design Director Wants Everyone to Find Something They Love and Teases More Franchises to Come". https://comicbook.com/gaming/news/funko-fusion-design-director-wants-everyone-to-find-something-they-love-and-teases-more-franchises-to-come/. 

External links



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