Funko, the popular collectible figure company, is facing a serious financial crisis that has raised concerns about its future operational viability. With a total debt of 241 million dollars and only 39.2 million in cash reserves, the company acknowledges in its latest quarterly report that there are “substantial doubts” about its ability to continue operating in the short term. The accumulated losses exceed 41 million dollars just in the second quarter of 2025, and although in the third quarter smaller losses of less than a million were reported, this figure contrasts dramatically with the 8.9 million in profits obtained […]
Funko, the popular collectible figure company, is facing a serious financial crisis that has raised concerns about its future operational viability.
With a total debt of 241 million dollars and only 39.2 million in cash reserves, the company acknowledges in its latest quarterly report that there are “substantial doubts” about its ability to continue operating in the short term.
The accumulated losses exceed 41 million dollars just in the second quarter of 2025, and although in the third quarter losses of less than a million were reported, this figure contrasts drastically with the 8.9 million in profits obtained in the same period of the previous year. Sales have also been impacted, falling from 292.8 million to 250.9 million in a year, representing a decrease of 14%.
🇺🇸 | Funko admite que podrĂa no sobrevivir otro año. Las ventas han caĂdo un 14%, la deuda se acumula y la empresa afirma que existen “dudas sustanciales” sobre su capacidad para seguir operando. pic.twitter.com/KFfKBJzfHi
An excess of supply and a demand that keeps falling
Overproduction has been one of the main factors behind this crisis. For years, Funko has manufactured more figures than the market can absorb, believing that demand would be infinite.
In 2023, the company destroyed between 30 and 36 million dollars in excess inventory. This has not only increased its debt but has also affected collectors, who once hoped that their figures would appreciate in value, but now see how their prices have fallen drastically.
Funko has said they have “substantial doubt about our ability to continue” as a company in the next 12 months without extra funding or an acquisition.
In addition, it is estimated that between 1.4 and 3 million vinyl figures have been sent to landfills, raising serious environmental concerns, given that PVC, the material they are made of, is not biodegradable. This situation is reminiscent of the Beanie Babies bubble, a collecting phenomenon that also burst after years of accumulation.
With the growing uncertainty about its future, Funko is at a critical moment, where the restructuring of its business model could determine its continuity in the competitive collectibles market.
One billion dolls sold worldwide. If you think about it, it’s an absolutely incredible figure: there is one Funko for every eight people in the world, and it’s growing. Since its inception in 1998, the company has been devouring comic book stores around the world, to the point where in a specialized store it is more common to find bobblehead figures than comics. It’s no wonder: there are more than 25,000 different figures from all the franchises you want, and it promised to keep going to infinity decorating homes around the world… If it weren’t for the fact that, clearly, […]
One billion dolls sold worldwide. If you think about it, it’s an absolutely incredible figure: there is a Funko for every eight people in the world, and it’s growing. Since its inception in 1998, the company has been devouring comic book stores around the world, to the point where in a specialty store it is more common to find bobblehead figures than comics. It’s no wonder: there are over 25,000 different figures from all the franchises you want, and it seemed poised to continue decorating homes around the world… If it weren’t for the fact that they have clearly lost traction and popularity. And the only question left to ask is: Is there still a future for Funkos or is it the chronicle of a foretold death?
Funko Nons
It’s a simple, fun, and usually appreciated gift: if your friend is a fan of Street Fighter, you give them a Funko of Ken. If they are a follower of Spider-man, one of Miles Morales. If they like wrestling, they will love having Hulk Hogan on their shelf. Or at least what you deduce is Hulk Hogan: Funkos are just big-headed figures with two dots for eyes and are recognizable mainly by their outfits. You have to use your imagination, really. Millennials have been hooked on their siren songs, but as Gen Z takes over the market and dominates pop culture, they are losing interest.
After all, each generation has had its particular dolls, from Playmobil to Barbies, cartoon action figures, or Bratz. Of course, Funko Pops were a passing trend, just so clearly focused on rampant consumerism that it is possible that in two decades, when everything has passed, they will not even be remembered with enough affection to make a movie or have a revival. In fact, their attempts to step out of the toy line, with the video game Funko Fusion at the forefront, have not yielded the expected results, and there is a reason that explains it.
People still have a crazy love for the franchises that the Funkos are based on, but they have no respect for the brand itself, beyond specific cases of collectors who have invested a lot of time -and money- to have as many as possible. And be careful, I’m not just pulling this out of thin air: comparing the second quarter of 2024 with that of 2025, they lost, worldwide, 193.5 million dollars in sales, a 22%. You can make any excuses you want to justify your nostalgia, but it is clear that it has lost its moment of glory and is starting the downhill of the roller coaster.
Another possibility is that people still want Funkos but, in their eagerness to earn more, the brand itself may have oversaturated the market. When there was only one figure of each character, it was exciting and fun. When there are several versions that appear periodically, the excitement is lost and collectors buy them with the same enthusiasm as someone clocking in at work in the morning: it’s not a matter of fanaticism or excitement, but of simple routine. And if there’s one thing these dolls, which are sold as a way to imagine and escape the gray day-to-day, do not want to be, it’s routine.
If Funko is giving its last gasps or, on the contrary, will know how to overcome its excessive spending and reinvent itself, we still cannot know. For now, it seems wise to bet on the former: when the river sounds, big-headed dolls with lifeless eyes come along. Will we have Italian Brainrot on a large scale as the next cultural zeitgeist? Or a new version of Funko for another generation? For now, we can only wait: the good thing about getting old is knowing that everything comes and goes, but never completely ends.
The film industry has faced one of its most critical challenges in recent years, marked by empty theaters and the rise of streaming, especially during the pandemic. Amid this chaos, Sony found itself with a 100 million dollar movie that, due to its risky creative concept, seemed destined for failure. Aware of the magnitude of the risk, the company decided to offload the production through a deal with Netflix, which would cover the production costs and obtain all exploitation rights. A success that was hard to foresee What Sony […]
The film industry has faced one of its most critical challenges in recent years, marked by empty theaters and the rise of streaming, especially during the pandemic. Amidst this chaos, Sony found itself with a 100 million dollar movie that, due to its risky creative concept, seemed destined for failure. Aware of the magnitude of the risk, the company decided to offload the production through a deal with Netflix, which would cover the production costs and obtain all exploitation rights.
A success that is hard to predict
What Sony did not expect was that K-Pop Demon Hunters, the movie in question, would become an unexpected phenomenon. Since its release, it has reached over 236 million views and generated 19.2 million dollars in the United States and Canada, in addition to having a soundtrack that has been well received both in the Western market and in countries like South Korea. This surprising success has left many Sony executives lamenting the decision to relinquish rights to a franchise that now is worth billions.
In response to the popularity of the film, Netflix is already planning an expansion of the K-Pop Demon Hunters universe. This includes the possibility of sequels and the creation of merchandise products, such as ramen packets and Funko figures, which could turn the franchise into a lucrative business. Although the initial situation seemed to present Sony as a victim of its own decision, the company could benefit creatively if an agreement is reached with Netflix to continue developing the project.
Thus, what began as an attempt to mitigate losses has turned out to be a second chance for Sony, which now has the opportunity to capitalize on the success of a film based on a concept that, at the time, was considered unpromising.
‘Funko Fusion’ is a blend of pop culture taken to the infinite, like an endless version of Pampling and La Tostadora’s t-shirts.
Putting pop culture in the spotlight was a mistake. Because from that spotlight came the Funkos. And from the Funkos, abominations like ‘Funko Fusion’, a game that tries to capture the spirit of LEGO games but using, instead of the beloved figurines, big-headed monsters with dead eyes. That being said, the crossover makes our teenage selves drool, bringing together so many franchises at the same time that it becomes an abominable amalgamation and a professional money grab.
Have you ever wanted to play a video game that combines ‘The Mummy’, ‘Nope!’, ‘Hot Fuzz’, ‘Jaws’, and ‘Battlestar Galactica’? If your answer is, for some reason, “Yes”, you’re in luck, because ‘Funko Fusion’ is a mix of pop culture taken to the extreme, like an infinite version of Pampling and La Tostadora t-shirts.
Regarding the game itself, it will be a type of LEGO game: shooting, moving forward, picking up objects, those things. But of course, you can do it with details from ‘The Thing’ or ‘Xena, the warrior princess’. A few years ago, we would have been very excited about something like this, but now, accustomed to the endless mishmash of franchises colliding with their own franchises, it tastes like boredom and a tasteless mix with nothing else to offer. Terrifying. If this is the future of video games, why bother to continue.
For the price of a decent apartment to reform in Madrid you have two figurines. Good buy.
I’m sure you know what Funkos are. What the hell, I’m sure you have one of them staring at you right now if you’re reading this from home. Those dolls with huge eyes, big head, small body and covering absolutely every nook and cranny of pop culture. They’re a perfect gift for that person you barely know, a way to show modernity without spending a bundle and a reminder that, in 2023, we’ll buy anything, no matter how ugly, if it’s from a franchise we like.
funko is the largest collection and value tracker for collectibles in the world.
funkolection
How much is the maximum you would pay for a Funko? 15 euros? 25? 40, if it is one very special? In United States, a collector just pay 210,000 dollars for a pack of two Funkos ‘Charlie and chocolate factory‘. More concretely, Charlie and an oompa-loompa yellow-colored top down. For the price of a decent apartment to renovate in Madrid you get two figurines. A good buy.
Of course, these are not just any two Funkos: there are only ten such Funkos in the world, six of which were given during the 2016 Comic-Con at a party where they gave out chocolate bars to all attendees. Only six of them took a golden one, and thus the pack in question. In 2018, the first sale of it went for $10,000, but in just five years things have gone through the roof.
Although the Internet recommends paying no more than $165,000, Grail Game decided to pay a little more because of the crazy idea of its seller, which was to include it in a “mystery box” and give it to a stranger for only $15. You have to keep in mind that the exclusivity and the franchise they belong to do a lot to drive the price up. And no, you’re not crazy: it’s just two dolls painted yellow. It’s not even gold.
If you think the buyer wants the Funkos to decorate his living room, think again, “I’m 60% happy and 40% sorry. Besides the fact that I love the doll, I just think it will sell for a lot more someday.” Aw, man. The Funkos are the new NFT, by the looks of it. One can only hope for a better future for them, for their own sake.
