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Funko

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This article is about the American toy company. For topics with similar names, seeFunco (disambiguation).
Funko Inc.
Company typePublic
Nasdaq:FNKO(Class A)
Russell 2000 Indexcomponent
IndustryToys
FoundedOctober 23, 1998;25 years ago(1998-10-23)
FounderMike Becker
HeadquartersEverett, Washington,U.S.
Key people
Cynthia Williams (CEO)
ProductsVinyl figures,bobbleheads
RevenueIncreaseUS$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 manufactureslicensedand limitedpop culturecollectibles, best known for its licensedvinylfigurinesandbobbleheads.In addition, the company produces licensedplush,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 theBig Boyrestaurant mascot.[3]

First sold in 2005, Funko, Inc. is now headed by CEO Cynthia Williams.[4]Since then, the company has increased the scope of its toy lines and signed licensing deals with major companies such asWarner Bros.,Nickelodeon,MTV,NBCUniversal,Disney,Marvel Entertainment,andMajor League Baseball.

History

[edit]
Funko headquarters inEverett, Washington

Funko was founded in 1998 by toy collector Mike Becker at his home inSnohomish, Washington.[5]He started the business after failing to find an affordablecoin bankof theBig Boy Restaurantsmascot, 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 tobobbleheadsforAustin Powers,which sold 80,000 units.[6]After this, some of the first characters that Funko sold werethe Grinch,Tony the Tiger,andCheeriosmascot, the honeybee.[7]In 2005, Becker sold Funko to Brian Mariotti[4],who moved its offices toLynnwood, Washington,and significantly expanded its licensed product lines. In 2011, Funko began selling their Pop! Vinyl line of figurines.[7]By 2012, the company had sold more than $20 million of merchandise.[8]

The company was sold to Fundamental Capital, aprivate equityfirm, in 2013 to raise funds.[9]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 the company.[10]

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.[11][12]Funko acquired British toymaker Underground Toys, also its European distributor, in early 2017.[11]Funko opened its new headquarters and 17,000-square-foot (1,600 m2) flagship store in downtown Everett on August 19, 2017.[13]Funko was listed on theNASDAQstock exchange on November 2, 2017, but suffered the worstinitial public offeringof the 21st century, with shares falling by 40 percent and only raising $125 million.[14]

Funko: Hollywood inHollywood, California

In June 2017, Funko acquired the fashion accessories line Loungefly.[15]

The company opened its second storefront in November 2019, located inHollywood,Los Angeles.It has 40,000 square feet (3,700 m2) of space and includes life-size statues and movie "sets".[16][17]

In June 2022, Funko acquiredMondo,a high-end pop culture company.[18]

In 2022, Funko expanded its global presence by opening its first franchise store outside of the United States in Dubai Hills Mall, UAE. This store was followed by two additional stores in 2023, one at Dubai Mall and the other at Reem Mall in Abu Dhabi. All stores are operated and managed by Monkey Distribution, Funko's official distributor in the MENA region.[19][20]

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.[21]

In March 2023, Funko announced that an excess of old inventory would be disposed of due to limited warehouse capacity.[22][23][24]

Production

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Products are designed at the Funko headquarters in Everett, Washington,[25]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 useZBrushto 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.[26][27]

Product lines

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Funko has produced thousands of products across dozens of different toy lines since its inception.[28]The first, Wacky Wobblers, was a line of bobbleheads depicting various characters, mainly from popular culture, such asBetty Boop,Cap'n Crunch,andThe Cat in the Hat.The company's mascot, a recurring character in the Funko franchise, is Freddy Funko, who was introduced in 2002.[29] In 2010, the Funko Pop! line was created. Funko's Pop! Vinyl line are figures modelled in a style similar to the Japanesechibistyle.[30]The figures have large squarish heads, disproportionately small bodies, and large, circular black eyes.[31]The figures typically depict licensed characters from franchises such asDoctor Who,Marvel,DC,Disney,Pixar,Star Wars,Wizarding World,Dragon Ball,My Hero Academiaand other pop culture entities. After a preview line of DC Comics characters were released atSan Diego Comic-Conin 2010, the original Funko Pop! line of products was fully revealed in 2011 at the New York Toy Fair.[29]

The exaggerated body proportions of Pop! figures have invited comparisons withGood Smile’sNendoroidfigures, which are similarly described as "chibi". Both product lines depict characters from many different franchises.[32]

Most Funko Pop! figures are not bobbleheads, as their heads do not move. However, allStar Warsfigures in the line are bobbleheads, most Marvel figures, and allGenshin Impactfigures, although theGenshin Impactpackaging does not describe them as bobble-heads, but rather as figures, unlikeStar Warsand Marvel. This is to avoid licensing conflicts withHasbroandGood Smile Companyrespectively, the companies of which holds the license to make ordinary (non-bobblehead) figures of characters from these franchises.[33]

Various other products have been released using the Pop! brand and its character stylization, such as plush toys, T-shirts,[34]keychains (miniaturized versions of the normal figures),[35]and ceramic mugs, the latter of which are enlarged, hollow copies of a figure's head, with a handle attached.[36]

Within the Funko Pop! product line, there is a series known as Pop! Rides, featuring the Funko Pop figure in a vehicle.[35]The Funko Pop! line also has figures that are larger than the standard figure, in 6-inch, 10-inch, 18-inch,[37]and the now-retired 9-inch size.[35]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.[38]

At Toy Fair 2019, Funko announced a new line of Pop! Vinyl figures; Pop! Town, initially includingGhostbusters,Scooby-Doo,SpongeBob SquarePants,andThe 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 includingHarry Potter,Hello KittyandDisney princesses,the latter of which are sold at officialDisneystores 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

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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, aflocked(fuzzy) finish, glow in the dark (GITD), andtranslucence.They are randomly inserted into shipments, and are highly sought after by collectors, often reselling for much higher prices.[39]

Retail exclusives

[edit]

Funko retail-exclusive variants are collectible figures available exclusively at select retailers such as Target, Walmart, Hot Topic, GameStop, Toys R Us 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. Another famous pop is the Geoffrey the Giraffe Funko Pop from 2017. Many new versions have been released and sold to this day from new Toys R Us stores, Macy’s, and Toysrus.com. 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.[40]

Mystery Minis

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The Mystery Mini series consists of a group of blind boxes that have a random character within, from a variety of series.[29]Examples of Mystery Mini series themes includingNetflix'sStranger Things,Blizzard Entertainment'sCute but Deadly,Disney Heroes and Villains,HorrorClassics,Asphalt 9: Legends,Steven Universe,Teenage Mutant Ninja Turtles,Mary Poppins,Avengers: Infinity War,andAnimeHeroes And Vehicles.[35]The figures are styled differently than the other Funko products.[29]Unlike the other Funko products, there are not usually convention exclusives, but some stores, such asHot TopicandFYE,have carried exclusives.[41]

Bitty Pop

[edit]

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 PotterandDisney.

Pops with Purpose

[edit]

The Pops With Purpose figures support various philanthropic organizations such asThe Breast Cancer Research Foundation,Rivit,Operation Homefront,and theIt 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

[edit]
Funko booth atSan Diego Comic-Con

Funko has been offering convention exclusive versions of their products at various conventions such asSan Diego Comic-Con,Emerald City Comic Con, New York Comic Con, Fan Expo, Star Wars Celebration, and E3.[41]This started in 2006 at San Diego Comic-Con.[35]

Funko Games

[edit]

In February 2019, Funko acquired award-winning board game development studio Forrest-Pruzan Creative,[42]including the design studio imprint Prospero Hall,[43]forming Funko Games. Funko Games has begun publishing strategy games across different licenses, including their flagship gameFunkoverse.

NFTs

[edit]

In August 2021, Funko launched a new line of digital collectibles,[44]where collectors can buy Funko-themednon-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

[edit]

Funko has over 1,100 licenses with different companies.[45][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 fromGolden Girlsto superheroes. Funko comes up with an initial design in 24 hours and can have a product from concept to shelf in 70 days.[45]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.[45]

Collector box subscriptions

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In 2015, Funko andMarvelpartnered to launch Marvel Collector Corps, a subscription box service featuring exclusive collectibles, apparel, and accessories. Boxes shipped every two months.[46]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.

[edit]

An animated film based on the Funko toys is in development atWarner Animation Group.[47][48]The film was announced as being in active development on September 16, 2019, with directorsMark DindalandTeddy Newtonattached to the project.[49]In February 2021, Newton was confirmed to write the screenplay, in addition to his directing duties.[50]Additionally, a game entitledFunko Fusionwas announced to be in development in 2023, based onNBCUniversalIPs.[51][52]

See also

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References

[edit]
  1. ^abc"ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934".Securities and Exchange Commission.RetrievedJanuary 22,2023.
  2. ^"Funko! Pop – About".www.sfu.ca.Retrieved2021-06-21.
  3. ^Ali, Reyan (November 12, 2014)."'Pop' Culture: The Incredible Rise of Funko Pop! ".Rolling Stone.RetrievedFebruary 12,2015.
  4. ^"Funko Appoints Cynthia Williams Chief Executive Officer, Board Member".BusinessWire.May 9, 2024.RetrievedMay 9,2024.
  5. ^Tu, Janet I. (December 10, 2016)."Funko is growing by leaps and bounds, thanks to Connor Orcutt, Connor Orcutt and friends".The Seattle Times.RetrievedDecember 12,2016.
  6. ^Chavez, Jesus (November 29, 2010)."'Toy geeks' at Funko are bubbly over bobbleheads ".The Seattle Times.RetrievedDecember 22,2019.
  7. ^abModrow, William M. (July 2003). "Business & Company Resource Center".Reference Reviews.17(7): 28–29.doi:10.1108/09504120310497915.ISSN0950-4125.
  8. ^Daybert, Amy (October 25, 2012)."Lynnwood's Funko turns bobbleheads into big bucks".The Everett Herald.RetrievedDecember 12,2016.
  9. ^Miller, Ben (June 4, 2013)."Funko raises capital in acquisition deal".Puget Sound Business Journal.RetrievedMay 31,2019.
  10. ^Bunge, Nicole (November 9, 2015)."Funko Sold".ICv2.RetrievedMay 13,2016.
  11. ^abTu, Janet I. (December 10, 2016)."Funko is growing by leaps and bounds, thanks to Spider-Man, Maleficent and friends".The Seattle Times.RetrievedMay 31,2019.
  12. ^Catchpole, Dan; Winters, Chris (September 9, 2016)."Toymaker Funko moving to downtown Everett".The Everett Herald.RetrievedDecember 12,2016.
  13. ^Hefley, Diana (August 20, 2017)."'Funatics' pour into downtown Everett for Funko grand opening ".The Everett Herald.RetrievedMay 31,2019.
  14. ^"Funko stock plunges in 'worst first-day return for an IPO in 17 years'".The Seattle Times.November 2, 2017.RetrievedMay 31,2019.
  15. ^"Funko Announces Acquisition of Loungefly".Business Wire.2017-05-22.Retrieved2024-05-17.
  16. ^Podsada, Janice (November 18, 2019)."Funko, the Everett-based toymaker, opens a Hollywood store".The Everett Herald.RetrievedFebruary 5,2020.
  17. ^"Grand Opening of Funko Hollywood Set For November 18, 2019"(Press release). Funko. October 4, 2019.RetrievedFebruary 5,2020.
  18. ^Lovett, Jamie (June 13, 2022)."Funko Acquires Mondo".Comicbook.com.
  19. ^"Funko opens first international franchise store in Dubai".Retrieved22 September2024.
  20. ^"New Funko Stores Now Open at Dubai Mall and Reem Mall".Retrieved22 September2024.
  21. ^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".Billboard.
  22. ^Pollard, Aidan."$30 million worth of Funko Pop figurines are headed to the dump, as the company looks to purge excess inventory".Business Insider.Retrieved2023-03-12.
  23. ^Pintado, Amanda Pérez."Funko Pop! figurines to be trashed as company moves to throw out $30 million worth in excess".USA TODAY.Retrieved2023-03-12.
  24. ^"Here's What $30M Of Funko Pops Going To The Landfill Actually Looks Like".Kotaku.2023-03-29.Retrieved2023-05-22.
  25. ^"About – Funko".www.funko.com.Retrieved2021-06-21.
  26. ^Rasmus, Daniel (March 25, 2018)."How Funko pops out a Pop! Inside the process of creating collectible figures, from idea to product".GeekWire.RetrievedJuly 20,2020.
  27. ^Bennett, Tara (December 22, 2017)."Watch: Here's how Funko POP! figures get made".Syfy.RetrievedMarch 30,2018.
  28. ^"Funko product database query".Funko.Retrieved6 June2020.
  29. ^abcd"About us".Funko.RetrievedMarch 30,2018.
  30. ^Michael Doles (February 28, 2014)."A Profitable Revolution in Toy Retail Is Now an Indiegogo Opportunity".PRWeb.RetrievedJuly 27,2021.
  31. ^Amelia Tait (August 13, 2019)."How aggressively cute toys for adults became a $686 million business".Vox.RetrievedJuly 27,2021.
  32. ^Carlos Cadorniga (September 28, 2017)."Nendoroids are way cuter than Funko Pops, don't @ me".Mashable.RetrievedJuly 27,2021.
  33. ^"WHICH FUNKO POPS ARE BOBBLEHEADS?".Pop & Figures.May 4, 2021.RetrievedJuly 22,2021.
  34. ^"Funko's POP! Vinyl T-Shirts debut at San Diego Comic Con 2015".RetrievedJune 30,2015.
  35. ^abcde"From Batman to Vader: How Funko Pop! became your new favorite collectible".Entertainment Weekly.RetrievedMarch 30,2018.
  36. ^Coopee, Todd (17 February 2016)."Star Wars Pop! Ceramic Mugs by Funko".ToyTales.
  37. ^Schwellenbach, Ashley (September 3, 2019)."Coming Soon: Pop! Heroes—DC—18" Batman ".Funko.RetrievedMarch 28,2020.
  38. ^Anderson, Sage (22 November 2021)."Deluxe Albums from AC/DC, Kiss and NSYNC Are Available for Black Friday — As Funko Pops".Rolling Stone.Retrieved9 September2022.
  39. ^"What does a Chase mean? Funko Support".Retrieved21 June2022.
  40. ^"Funko".March 2023.
  41. ^ab"2018 Emerald City Comic Con Photo Recap!".funko.com.RetrievedMarch 30,2018.
  42. ^"Funko acquires Forrest-Pruzan Creative LLC".Mirroreview.Pericles Ventures Pvt. Ltd.RetrievedJune 22,2020.
  43. ^"Prospero Hall".Prospero Hall.Retrieved2022-09-07.
  44. ^"Funko Enters NFT Market with Majority Stake in TokenHead Developer".Bloomberg.com.2021-04-01.Retrieved2023-11-09.
  45. ^abcLatham, Bethany (2008-10-24). "EBSCOhost 2.0".Reference Reviews.22(8).doi:10.1108/rr.2008.09922hag.001.ISSN0950-4125.
  46. ^"Funko Launches Marvel Collector Corps".Marvel.Archived fromthe originalon February 3, 2015.
  47. ^Nolan, L.D. (January 27, 2019)."REPORT: Funko Movie in Development at Warner Bros".ComicBook.com.
  48. ^"Hybrid Funko! Flick Reportedly in the Works at Warner".Animation Magazine.January 28, 2019.
  49. ^Fleming, Mike (September 16, 2019)."Warner Bros Animation Plans Funko Film Based On Collectible Figures".Deadline.
  50. ^Long, Christian (February 23, 2021)."ANIMATED FUNKO MOVIE HEADED TO THE BIG SCREEN COURTESY OF WARNER BROS".Syfy.RetrievedMay 11,2021.
  51. ^Jewett, Katelyn Mitchell (May 2, 2023)."How Funko Fusion Devs Chose IPs to Represent In-Game".Game Rant.RetrievedNovember 18,2023.
  52. ^Aguilar, Matthew (July 28, 2023)."Funko Fusion Design Director Wants Everyone to Find Something They Love and Teases More Franchises to Come".ComicBook.RetrievedNovember 18,2023.
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