Unprecedented co-master licensing

Netflix has struck a unique merchandising pact for animated hit “KPop Demon Hunters,” naming rivals Mattel and Hasbro as global co-master toy licensees. The companies will split categories across dolls, action figures, plushies, role-play items and youth electronics, with first products slated for 2026. Dual co-master arrangements are unusual in Hollywood licensing, where one company typically leads. The deal hints at Netflix’s ambitions to build durable franchises from streaming IP, using retail to extend a film’s lifespan beyond the platform window.

What to watch in rollout

Mattel plans a presale three-pack of fashion dolls next month; Hasbro will tie the brand into lines like Nerf, Furby and Wizards of the Coast. Retailers get multiple entry points, from collectibles to kid-forward role-play. Success will depend on cadence—keeping music-driven content and short-form clips feeding demand until shelves fill. For Korea’s global pop wave, the partnership is another test of how East-West collaborations translate to toys and experiential events. If it works, expect more shared licenses for hit animation across streamers.