潮玩疯狂，但游戏公司做不了“泡泡玛特”

Core Insights - The LABUBU toy has set a new record in the collectible toy market, selling for 1.08 million RMB, indicating a significant rise in demand for such products [1] - The success of LABUBU has propelled Pop Mart to new heights in the trendy toy market, attracting attention from other brands [1][2] - The gaming industry is increasingly moving from merely licensing IP to actively developing and selling derivative products, with many companies investing in the trendy toy sector [3][4] Group 1: Market Trends - The sales of LABUBU toys on second-hand platforms have skyrocketed, with some originally priced at a few hundred RMB now selling for over ten thousand RMB [1] - On June 1, 2023, the DearNikki blind box series achieved sales of 3.16 million RMB in a single day, showcasing the strong market demand for trendy toys [1] - According to data from Gamma, over 50% of top mobile games from 2019 to 2023 have launched derivative products, indicating a growing trend in the gaming industry [3] Group 2: Industry Dynamics - Game companies are shifting their strategies from simple IP licensing to investing in and developing their own derivative products, creating a more integrated supply chain [4][6] - Notable examples include MiHoYo and G-bits investing in trendy toy platforms, indicating a trend of deeper involvement in the toy market [4] - The success of the game "Black Myth: Wukong" has led to a significant push in merchandise sales, with the game developer taking full control of the product design and production [6][12] Group 3: Consumer Behavior - The majority of consumers purchasing game-related merchandise are female, with over 60% of buyers being women, which presents a challenge for male-oriented games to penetrate the trendy toy market [10] - The sales of female-oriented games' merchandise have been significantly higher, as they align closely with the demographics of their user base [10][12] - Despite the potential for male gamers to spend, there is a reluctance to pay high prices for merchandise, preferring to invest in in-game purchases instead [12] Group 4: IP Development - The rise of light-content IPs like LABUBU and Disney's Lingna Belle demonstrates a shift in how IPs can achieve popularity without traditional storytelling [15][16] - Traditional IPs, which rely on rich narratives and character development, may face challenges as the market sees success from lighter, more flexible IPs [15][16] - The gaming industry's derivative product market remains underdeveloped, but the emergence of companies like Pop Mart is driving growth in this sector [16]