KPop Demon Hunters Merchandise Split: Netflix Inks Unique Dual Deals with Mattel and Hasbro

Netflix Secures Unprecedented Co-Master Licensing Deals for Major Animated Franchise

In a highly unusual move that underscores the massive commercial success of its animated musical hit, KPop Demon Hunters, Netflix has finalized unique co-master licensing agreements with toy industry titans Mattel and Hasbro to develop a comprehensive line of merchandise. The resulting toys, collectibles, games, and role-playing products are slated to begin rolling out next year, targeting the franchise’s dedicated fan base, often referred to as the “Huntr/x gang.”

This strategy of splitting the master license—a role typically granted exclusively to a single company—is a clear indication of Netflix’s ambition to maximize the revenue potential and market penetration of the KPop Demon Hunters intellectual property (IP).

The Unprecedented Co-Master Deal Structure

Historically, when a major studio licenses a successful property like Star Wars or Barbie, they grant a single company the master toy license. This grants that company the exclusive right to produce nearly all toy categories. By dividing the rights between Mattel and Hasbro, Netflix is signaling that the franchise is valuable enough to warrant specialized attention from the world’s two largest toy manufacturers.

This dual approach allows Netflix to leverage the specific strengths of each company, ensuring that every product category receives best-in-class development and distribution.

Breakdown of Licensing Roles: Mattel vs. Hasbro

The co-master deals carefully delineate which company is responsible for specific product lines, minimizing direct competition while maximizing category expertise. The division of labor is as follows:

Mattel’s Responsibilities:

• Dolls and Doll Accessories: Leveraging their expertise with fashion dolls (like Barbie and Monster High), Mattel will focus on the core character dolls and related accessories.
• Role-Playing Products: This category includes costumes, props, and other items designed for immersive play.

Hasbro’s Responsibilities:

• Action Figures and Collectibles: Hasbro, known for its expertise in detailed figures (such as those from Marvel and G.I. Joe), will handle the action figure lines.
• Games: This includes a broad range of products, encompassing both board games and digital games based on the KPop Demon Hunters universe.

Why the Dual Licensing Strategy Matters

For an IP owner like Netflix, splitting the master license is a calculated risk that reflects immense confidence in the property’s longevity and market size. The decision to bring both industry leaders to the table carries significant implications for the licensing landscape:

1. Optimized Product Quality: By assigning dolls to Mattel and action figures/games to Hasbro, Netflix ensures that each product type is handled by the company with the deepest historical expertise in that specific category.
2. Increased Market Saturation: Having two global distribution networks working simultaneously allows the merchandise to reach a broader international audience more quickly than relying on a single partner.
3. Competitive Drive: While the categories are separated, the underlying competition between Mattel and Hasbro to deliver the best-performing product lines will likely drive innovation and quality.

This arrangement is a testament to the cultural impact of KPop Demon Hunters, which has successfully blended the global phenomenon of K-Pop music with high-stakes animated action, creating a property ripe for merchandising across multiple demographics.

Anticipated Product Lines and Launch Timeline

The initial wave of merchandise is expected to hit retail shelves in 2026. Given the breadth of the agreements, fans can anticipate a massive rollout across several distinct categories:

• Fashion Dolls: Highly detailed dolls representing the main characters, complete with elaborate outfits and accessories.
• Collectibles: Premium action figures and stylized vinyl figures aimed at adult collectors.
• Interactive Play: Role-playing items like signature weapons or communication devices from the film.
• Tabletop Gaming: New board games and card games that translate the film’s lore and action into physical gameplay.
• Digital Offerings: Potential mobile or console games developed by Hasbro’s gaming division.

The successful execution of these co-master deals will set a new precedent for how major streaming platforms handle high-value IP licensing, prioritizing specialized category execution over traditional exclusivity.

Key Takeaways

• Major Deal: Netflix has secured unique co-master licensing agreements for KPop Demon Hunters merchandise.
• Key Partners: The rights are split between Mattel and Hasbro, two of the world’s largest toy manufacturers.
• Division of Labor: Mattel handles dolls and role-playing products; Hasbro handles action figures, collectibles, and games (board and digital).
• Launch Window: The first wave of products is expected to launch in 2026.
• Industry Significance: The dual licensing strategy is highly unusual and reflects the immense commercial confidence Netflix has in the long-term potential of the franchise.

What’s Next

Industry observers will be closely watching the 2026 retail performance of these product lines. The success of this co-master model could influence future licensing decisions for other major streaming properties, particularly those with diverse merchandising potential across multiple specialized categories. Both Mattel and Hasbro are expected to begin revealing their specific product designs and marketing campaigns throughout late 2025 and early 2026, building anticipation among the global KPop Demon Hunters fan base.