If I remember correctly, Dexerto is not exactly the most trusted, reliable source. I'm not gonna deny that Funko isn't doing as well as they used to- that's pretty clear. But I'm also not sure things are quiiiiite as bad as that article would have us believe. I know the new CEO just came on and laid out a plan for the next year or so, which, granted, doesn't really mean all that much, but it at least seems like someone is taking the reins and attempting to correct course.
Don't get me wrong- I wouldn't be surprised to see them go under in the next couple years- maybe 5 or so, if not less; the writing has been on the wall for a while- they've either fired, laid off, or lost almost all of the big names that carried the brand for a while- CEOs, marketing faces, etc. Their outreach and public interactions has all but disappeared compared to how it used to be- a podcast, their own little Con celebration thing, etc. Nobody really knows other than them, I suppose. I agree- going public didn't really seem like the best idea, but who knows what their thinking was. Always so interesting how one decision can make or break your company's success. I would be the worst business owner.
I think the biggest things working against them is oversaturation and price. There's just too many of them, and while it does seem like they've certainly cut back, there are still plenty of franchises that just don't move units. A lot of my stores are still sitting on Willow Pops from years ago, Ms Marvel, etc. But a lot of that isn't Funko's fault, per se- they put product out based on what they think will be popular. Sometimes it is, sometimes it isn't. And you know nerds love their exclusive releases- if they think there's a limited amount of something, regardless of how hideous it is, they'll jump on it, but if the same thing is widely released and easy to get, they lose interest. But there were really just too many variants- while re-releasing the same mold a dozen times in varying colors of chrome deco might be a good business decision, it was boring from a fan perspective. I may be alone in it, but I just want the character how they normally appear, not in chrome deco, not gold, not glittery, not flocked (unless they're a character that really needs it), etc.
Of course, they're not the only company to raise prices, but still. $8-10 is much more reasonable for the product than $15 or more. Sure, detail has gone up a tiny bit and all that, but it's not quite enough to justify the price increase. Especially when buying online and adding shipping- it can come out to $25-30 for 1 single Pop, depending.
I think the best thing for them to do, if it's not too late, is to cut back on the number of releases. Less saturation on the shelves, the illusion of scarcity which drives up demands, etc. Would be a shame to lose them- they really have brought a lot of joy and nostalgia to so many, and are the only company to have touched certain licenses or have gone as deep on character rosters. If given the choice between a Funko Pop and a true action figure, I'll always take the action figure, granted, but I can totally see the appeal of the Pop as well. They're great for casual fans of things like my Mom, who never cared much about nerdy things until they started doing licenses she loved, and the fact they were easily obtainable at a decent price was all the better.
www.dexerto.com
