The unexpected success of the “K-POP Devil-Hunting Girl Group” has created Netflix’s first mega-hit teenage super IP. Could the next blockbuster toy be on the horizon?

Netflix’s ‘K-POP Ghostbusters’ has garnered over 325 million views since its release, driven by word-of-mouth, catchy soundtracks, and viral online popularity. However, due to retailers and toy manufacturers’ initial lack of confidence, the accompanying toy line will not launch until next year, missing the Christmas sales season. Analysts view this as a critical opportunity for Netflix to establish its first fully owned children’s super IP, testing its ability to replicate the successful IP commercialization models of traditional film companies like Disney.

Netflix is facing a delightful dilemma.

This summer, ‘K-POP Ghost Hunting Girls’ unexpectedly became Netflix’s most popular animated musical film in history. Since its release, it has topped the charts for over four months, garnering more than 325 million views, with its soundtrack still dominating the Billboard charts.

Despite this, retailers and toy manufacturers did not have high expectations for this original animation before its release and made almost no preparations in advance. As a result, related toy products will not hit the market until the first or second quarter of next year, missing the prime sales period of the Christmas shopping season this year.

According to Adobe data, U.S. consumers are projected to spend over $250 billion online in November and December alone, representing a 5.3% year-over-year increase.

Analysts believe that for this streaming company, the consumer products business remains relatively small, with toys and apparel viewed more as marketing tools for programming rather than revenue sources. The real challenge lies in whether ‘K-POP Ghost Hunting Girls’ can be developed into its first major children’s intellectual property (IP) with full ownership rights, which would generate long-term benefits far exceeding Christmas toy sales.

Collective Misjudgment by Retailers

Riding on word-of-mouth promotion, catchy soundtracks, and viral online popularity, this film about three singers stopping demons from taking over Earth quickly rose to become Netflix’s most-watched movie ever.

However, the production team did not anticipate such overwhelming success. Netflix Chief Marketing Officer Marian Lee stated:

It was a happy accident—a perfect combination of various factors coming together with an outstanding film.

The early screenings of the film received lukewarm responses, and Netflix had already pitched the film to retailers, providing design concepts and details about future products. However, there was almost no response. After all, original works such as Universal’s ‘Migration’ and Pixar’s ‘Elemental’ failed to resonate with audiences.

Moreover, Netflix has little track record of success in the toy industry. Its most popular children’s IPs, such as ‘CoComelon’ and ‘Gabby’s Dollhouse,’ are produced and owned by third parties.

In the past, when toy companies bet on Netflix children’s shows, the results were disappointing. Mattel announced plans to create toys for the animated series ‘Karma’s World,’ created by rapper Ludacris, but the show was canceled after only one year.

Emergency remedial measures

Following the film’s unexpected popularity, various companies began reaching out to Netflix proactively, particularly firms from East Asia, the birthplace of K-POP:

• Nongshim launched a themed instant noodle product.
• Everland, operated by Samsung in Gyeonggi Province, introduced a special themed area and events.
• The messaging app KakaoTalk added character stickers.
• The bakery chain Paris Baguette also introduced related cakes and cookies.

Lee said:

We are currently unable to handle all incoming calls.

At present, consumers can find very few official merchandise for the title at retailers or on Netflix’s online store, primarily consisting of trading card games, wooden decorations, phone stands, and apparel.

Toy production poses a higher level of complexity. Studios need to secure shelf space from retailers such as Walmart and Target more than a year in advance, while manufacturers like Mattel and Hasbro require even longer lead times for preparation.

To expedite the process, the two largest toy manufacturers have reached a rare agreement to share the primary licensing rights, each producing and selling toys within their respective areas of expertise.

Mattel, focusing on products like Barbie dolls, will be responsible for dolls, figurines, and toy sets for the film. Hasbro, leveraging its expertise in plush toys, will handle this category. Tim Kilpin, President of Hasbro’s Toys, Licensing, and Entertainment division, stated:

This story contains all the elements we need to build a long-term intellectual property (IP).

Emily Horgan, a children’s media consultant and former Disney executive, noted that similar delays occurred when Disney’s Frozen and Cars became mega-hits, initially failing to provide buyers with a full range of holiday gifts. She said:

Clearly, if everything had been planned ahead, the 2025 Christmas product lineup could have been much richer. However, as long as Netflix and its partners do not make major mistakes, fans will remain interested in this IP for months or even years to come. We have the opportunity to turn K-POP Ghostbusters into a heavyweight IP.

The sequel is already in development, with Netflix fully committed to maintaining the IP’s popularity.

While waiting for the full release of toys, Netflix is actively taking measures to sustain the IP’s热度.

Netflix initially allocated a modest marketing budget for ‘K-POP Ghostbusters,’ but the company has stockpiled extensive social media content for release on Instagram and TikTok to boost viral spread, while also preparing collaboration design plans with food companies and cosmetics brands.

Netflix is also striving to sustain the momentum. In August, the company screened the film in theaters for one weekend, inviting fans to sing along to popular tracks, and repeated the event during Halloween. Netflix also collaborated with seasonal retailer Spirit Halloween to launch themed costumes. According to media reports citing insiders, the company is exploring spin-off programs, including the possibility of producing short films.

The biggest challenge, as well as the potential reward, lies in creating a high-quality sequel. Animated films require years of production, and Netflix has just finalized an agreement with the director and Sony for a second movie. Fortunately, by the time the full-length sequel is released in 2029, toy manufacturers and retailers will be ready.

Over the past decade, Netflix has reshaped Hollywood in its own way, but it still lags behind traditional studios in building enduring intellectual properties (IP).

Disney, Universal, and Warner Bros., with franchises like ‘Star Wars,’ ‘Harry Potter,’ and ‘Despicable Me,’ generate billions of dollars annually from theme parks and consumer products.

Netflix’s biggest IPs to date are series such as ‘Bridgerton’ and ‘Stranger Things,’ which, despite their global popularity, have relatively low levels of merchandising.

For now, as children eagerly await dolls, plush toys, and crochet sets from ‘K-POP Ghostbusters,’ the real test is whether Netflix can transform this unexpected success into its first fully owned children’s super IP.