Disney's annual retail sales of IP-licensed consumer products reach $62 billion. The secret is "it's not just an IP company."
“With your support this year, The Walt Disney Company has once again topped the global licensing business, with total annual retail sales reaching $62 billion, ranking first in the world.” Tasia Filippatos, President of The Walt Disney Company's Consumer Products Division, said at the 2026 Consumer Products Division Launch Conference in the Greater China Region.
The achievement of $62 billion is far higher than that of Authentic Brands Group in second place ($32 billion), and even higher than that of similar competitors such as Hasbro ($16.1 billion), Warner Bros. ($15 billion), and Pokémon ($12 billion).
In the past, the best - selling toys in the market were always those that had obtained IP licenses from content companies. However, in 2025, the original trendy toy IPs of Pop Mart were extremely popular, which led to a discussion within the toy industry about “whether toy IPs can exist completely without relying on content licensing in the future.”
Despite the discussion, Disney, as an established content IP licensing company, still clearly benefits steadily from the track of movie IP - licensed consumer products.
In 1957, Walt Disney drew a diagram to plan Disney's business empire. In the plan of the founder of The Walt Disney Company, theatrical movies were the core of everything. Around excellent movie IPs, a series of businesses such as TV shows, music, comics, magazines, theme parks, and consumer product licensing could be derived.
Walt Disney's planning diagram
For nearly 70 years, The Walt Disney Company has always adhered to this model. At the 2026 Consumer Products Division Launch Conference, the presentation mode of Disney speakers was as follows: first play a short trailer/clip of a new movie, and then display new consumer products such as toys, clothing, beauty products, stationery, food, and beverages that had obtained the IP license of the movie. New consumer products from various series such as original animations, live - action remakes, Pixar, Marvel, Star Wars, and 20th Century Studios were all released in this fixed mode.
It can be said that Disney repeatedly emphasized one thing to the media and licensees below the stage: because Disney will have a continuous stream of new movies in the future, there will be new products that can constantly impress consumers.
Disney, a consulting company
36Kr participated in an interview with Tasia Filippatos and Lin Jiawen, the Senior Vice President of the Consumer Products Division in the Asia - Pacific region, backstage at the conference.
When asked questions related to IP competition, Lin Jiawen gave three answers from Disney: first, infectious content; second, in addition to the consumer products department, there are multiple business segments such as theme parks, cruise ships, and digital platforms working in synergy; third, “the ability to provide consulting services.”
Lin Jiawen said, “Many people think Disney is an IP company, but actually it's not. We're not just doing IP. Now I'll tell you a secret that I've never shared before - Disney is a consulting company.”
Lin Jiawen explained that Disney doesn't just license IPs to partners and then stop. Instead, it provides suggestions and consulting services for partners. “Maybe they don't have content, or channels, or R & D capabilities. Then Disney will provide one - stop services, including products, marketing, R & D, and retail channels, to directly solve the operational problems of license partners.” Lin Jiawen said that this is why Disney can transform IPs into commercial value and obtain $62 billion in licensing revenue.
Some Mickey - themed consumer products. Provided by Disney.
He picked up a bottle of bottled water with a strawberry bear pattern from “Toy Story” on the table and said, “For example, for this bottle of water, our licensees may not only want to sell it in China, but also want to sell it in Southeast Asia. But when entering Indonesia or the Philippines, the pricing needs to be adjusted according to the local purchasing power, and the channels need to be re - established. At this time, our local colleagues will arrange meetings with retailers, understand the market pricing logic and consumer preferences, and assist the licensees in completing the channel layout and arranging everything properly.”
“This cross - market synergy ability is also the key to our one - stop service for licensees through our cross - border business development strategy. I believe that many IP companies in China and around the world find it difficult to achieve this, but we are at the forefront in this regard.” Lin Jiawen said.
Disney's “consulting company” attribute lies not only in helping licensees with these detailed tasks but also in forecasting market trends. “We can always share and present to our partners 18 months in advance.” Lin Jiawen said that last year, when asked “Who will be the best - selling character next year?”, his answer was “Stitch.” This year, his prediction has come true.
After the live - action movie “Lilo & Stitch” grossed over $1 billion at the box office, Stitch is about to become Disney's second - largest licensed consumer product character after Mickey. The revenue from Stitch - themed consumer products reached $2.6 billion in the 2024 fiscal year, compared with only $200 million five years ago.
Disney, an American company “going global” with Chinese companies
During the interview, Lin Jiawen said that China is currently one of Disney's best - performing markets, and the cross - border business of Disney's consumer products in the Asia - Pacific region has increased by about 45% year - on - year this year.
Before being promoted to the Senior Vice President of the Consumer Products Division in the Asia - Pacific region, Lin Jiawen's position was the Senior Vice President of the Consumer Products Division in the Greater China Region and South Korea. He started working in Disney's Shanghai office in 2008 and has worked in China for 17 years. Now, this position has been taken over by Lin Lizhen, a Chinese - American woman who has also lived and worked in China for 15 years.
Disney hopes that people who understand the Chinese market will be in charge of the Asia - Pacific business. “In 2022, I submitted a plan report on the cross - border development business in the Asia - Pacific region to the headquarters.” Lin Jiawen said. He did this for several reasons. First, the Asia - Pacific market has a large population base. If you add up the populations of the entire Asia - Pacific market, it is actually larger than that of Europe and almost equal to the sum of North and South America. Therefore, from a market and population perspective, the Asia - Pacific region is undoubtedly a key market segment.
Lin Jiawen said that second, based on past experience, he believes that the Southeast Asian market will be greatly influenced by China's development experience; third, as is well - known, many brand products are actually produced in China.
“If we buy 10,000 of the same products in the Chinese market and add 2,000 more to sell in the Southeast Asian market, for our licensees, they can naturally expand certain businesses. We just need to add the licensed regions in the contract. Therefore, it is beneficial to all relevant parties.” Lin Jiawen said.
In Disney's early plan, the cross - border business of Chinese consumer products should focus on the Southeast Asian market in the short term. However, currently, some licensees have successfully entered the European and North American markets. Take Miniso as an example. Now, there are Disney - related products in Miniso stores around the world. In addition, Pop Mart's blind boxes and figurines are not only sold in the Chinese market but have also expanded to overseas markets. 52 Toys and some card licensees will also enter overseas markets in the future.
Products produced by Pop Mart under Disney's license. Photo by 36Kr.
Products produced by Miniso under Disney's license. Photo by 36Kr.
Tasia Filippatos then specifically praised two Chinese companies, Miniso and Pop Mart, and called them “partners who truly understand Disney's DNA.” Moreover, Chinese companies have also created many “global trends,” such as interacting with consumers on social platforms and combining technology with the shopping experience.
“Whether it's e - commerce live - streaming or the integration of products and games, many cutting - edge practices are implemented in China. We truly believe that the Chinese market is a trendsetter for other regions in the world. Therefore, we regard China as a testing ground for new ideas. The Chinese market is of great significance to us, and we attach great importance to it.” Tasia Filippatos said.
Lin Lizhen, who took over from Lin Jiawen as the new Senior Vice President of the Consumer Products Division in the Greater China Region and South Korea, said that in the future, Disney will strengthen retail in the Chinese consumer products market, expand the team, and increase the number of staff; and continue to help license partners enter overseas markets. She said that currently, there are more than 70 partners in the cross - border development business, and the growth of relevant businesses has exceeded Disney's expectations.
Cards, blind boxes, vinyl plush toys, wind - up toys, and racing cars
Tasia Filippatos' evaluation of the Chinese market as the “trendsetter for the world market” is not an empty statement. The three currently most popular toy types in China - cards, blind boxes, and vinyl plush toys - are also consumer product categories that Disney pays great attention to.
Tasia Filippatos and Lin Jiawen said that Disney has noticed the rapid growth of these three toy categories and will continue to give priority to and invest in innovative categories with partners. Currently, Disney - licensed consumer products have been deployed in all three types.
According to the Huibo Research Report, the Chinese collectible card market has experienced explosive growth in the past five years. The market size has increased from 2.8 billion yuan in 2019 to 26.3 billion yuan in 2024, with an average annual compound growth rate of 56.5%, and is expected to reach 44.6 billion yuan by 2029. According to the Jiashi Consulting Report, in 2025, the Chinese blind - box market size is expected to exceed 58 billion yuan, accounting for 65% of the global share, with an annual compound growth rate of 28%.
“In the past two or three years, we have observed a rapid increase in the popularity of products such as blind boxes and vinyl plush dolls. The biggest change is that the Chinese toy market was mainly targeted at children in the past, but now the main consumer group has shifted to young people. So for Disney, on the original basis, we pay more attention to the young Generation Z, but we have never ignored Generation Alpha.” Lin Jiawen said. He believes that the future toy market, especially in China, has just begun.
Lin Jiawen specifically mentioned a toy pendant developed by licensee 52 Toys that combines vinyl plush and a wind - up mechanism. Although “wind - up toys” appeared as early as the 1980s, Disney's research found that both children and adult consumers are interested in such products. “So we incorporated the wind - up design into Stitch - themed products, and the market response was very good.”
In addition, Disney also announced a cooperation with F1 (Formula One World Championship) and showed a concept map of a solid - gold Mickey racing car collectible to high - net - worth racing fans. Tasia Filippatos said that the number of Chinese F1 fans has the highest growth rate in the world, and currently there are more than 150 million Chinese F1 fans in total. Among them, women account for more than half, and half of the 150 million are new fans who have joined in the past four years.
Provided by Disney
From Prada, Gucci, F1 solid - gold racing cars to Miniso, Uniqlo, and plush toys, Disney is one of the few companies that has a presence at every level of the consumer pyramid. “We want to bring together the most talented creative directors and trendy artists in the world with Disney's creative team, and we also hope that every mother can buy an affordable and nice Spider - Man T - shirt for her child.” Tasia Filippatos said.
For Disney, a 102 - year - old company, the discussion about “whether future IPs may no longer need to rely on content” is obviously not enough to shake its path that has been successful for a century, but it has never stopped chasing new trends. Disney has always been trying to get closer to Chinese companies and Chinese consumers.