Structural Differences Between Pop Mart's 'Contentless IP' and Disney's Content IP Models

Based on your question and the data I’ve collected, I will systematically analyze the structural differences between Pop Mart’s “contentless IP” platform model and Disney’s content IP model from multiple dimensions.

Disney follows the classic path of “Story → Emotional Connection → Merchandise Monetization”. Its core lies in building the worldview and values of the IP through rich content works (movies, animations, series), first establishing a deep emotional bond between consumers and the IP, then realizing commercial value through derivatives. Mickey can still be easily recognized even when simplified into three circles, which is precisely the result of nearly a century of content accumulation [1].

• High IP Stickiness
  : Fans have deep memories of classic lines, music, and character personalities, forming cross-generational cultural inheritance [2]
• Diversified Monetization Channels
  : Box office, streaming media, theme parks, licensed merchandise, etc., form a synergistic effect
• Long-Term Value Precipitation
  : The full-life-cycle value contribution of top IP can reach the hundreds of billions of US dollars level [3]

Pop Mart takes the reverse path: starting from derivatives, establishing IP awareness through blind box economy, then gradually endowing content with a soul. Essentially, it is an artist monetization platform, similar to Zara’s fast fashion logic — not predicting trends, but quickly responding to market demand [1].

• Decentralized IP Matrix
  : A three-tier system of self-owned IP, exclusive IP, and non-exclusive IP; in 2024, artist IP/licensed IP accounted for 85%/12% of revenue [1]
• Data-Driven Operations
  : Dynamic restocking via AI algorithms reduced stock-out rate from 15% to 5% [1]
• Rapid Iteration and Trial
  : IP incubation adopts a dynamic advancement model, considering three dimensions: image aesthetics, characteristics, and extensibility [4]

• Full industry chain synergy effect, with each segment supporting each other [2]
• Strong content creation capabilities and global distribution network
• Cultural premium accumulated from a long brand history

• Agile and innovative supply chain system; inventory turnover days reduced from 133 to 102 [4]
• Strong IP screening and incubation mechanism; a team of more than 20 “trend experts” [4]
• Data-driven precision marketing and member operation system

• Emotional resonance based on storylines and character personalities
• Cross-generational cultural memories, such as classic lines from The Lion King [2]
• Immersive experiences provided by theme parks strengthen emotional connections

• Instant gratification based on image design and collection pleasure
• Driven by social attributes (check-in, sharing, showing off)
• Lack of deep story support, easily replaced by new-generation IP [2]

According to CICC’s IP life cycle model, content IP and image IP face different tests at different stages:

• Birth Stage
  : Content IP has high uncertainty but huge value if successful; image IP has short cycle, low cost but limited explosive power [3]
• Breakthrough Stage
  : Both need media exposure and user dissemination, but content IP has story foundation support
• Precipitation Stage
  : This is the biggest test for Pop Mart — how to shift from mass popularity to fan operation [3]
• Stable Stage
  : Content IP maintains “presence” through regular updates; image IP needs continuous innovation to avoid aesthetic fatigue

1. IP Stickiness Risk
   : Lack of content support makes IP easily replaceable, such as Hello Kitty and Kumamon gradually being forgotten under the impact of new-generation IP [2]
2. Artist Dependency Risk
   : Similar to the relationship between Taylor Swift and Spotify, the independence of top artists may threaten platform stability. LABUBU accounted for 23% of revenue in 2024, with still high concentration [1]
3. Market Saturation Risk
   : Over-exposure may weaken brand uniqueness, and the freshness of blind box economy is declining
4. Geopolitical Risk
   : Overseas expansion faces changes in tariff policies, which may affect North American market profit margins [1]

1. Content Upgrade
   : As experts suggest, Pop Mart needs to “shift from focusing on images to stories, invest more resources to build the worldview and story system of IP” [2]
2. Technology Empowerment
   : Strengthen IP narrative capabilities through linking game scenarios with offline urban park scenarios [4]
3. First-Mover Advantage in Globalization
   : Overseas revenue reached 5.07 billion yuan (+375.2%) in 2024, accounting for 38.9%, and localization strategy has achieved initial results [1]

1. Content Capability Building
   : Increase investment in content such as animation and movies to endow IP with a soul
2. Diversified Monetization
   : Expand from merchandise sales to theme parks, digital entertainment, etc.
3. Deepen Fan Operation
   : Shift from product-oriented to community operation to enhance emotional connections

Pop Mart needs to gradually build content creation capabilities while maintaining its advantage of fast market response. This “dual-wheel drive” model may be the optimal solution: use the agility of the existing artist platform to capture market opportunities, while building a long-term moat through content investment.

Pop Mart’s “contentless IP” model has structural advantages in short-term efficiency and market response, but it does face challenges in long-term value creation and IP stickiness. Its core competitiveness lies in platform-based operation capabilities and data-driven precise decision-making, but to achieve true long-term value, it must solve the structural shortcoming of content absence.

The key in the future lies in whether it can successfully achieve the integration of “image-driven + content empowerment”, and while maintaining platform agility, establish Disney-level emotional connection depth. This not only requires the evolution of business models but also the comprehensive improvement of organizational capabilities and cultural genes.

• [1] Investment Logic Profit Forecast, Valuation and Rating Risk Reminder - Guojin Securities Research Report (2025)
• [2] Can Pop Mart’s Boom Continue or Even Surpass Disney? - QQ News (2025)
• [3] Trend Toy Series #4: Global IP Life Cycle Review and Insights - CICC Research Department (2025)
• [4] In-Depth Analysis of Pop Mart’s Business Model and Future Trends - Director of Premium Wealth Management, Fulbright Securities (2025)