Under the new agreement, iQIYI will identify and manage third-party licensing for the L.O.L. Surprise! brand, while leveraging its expertise in the online content space to expand the brand’s reach throughout the territory.
“The deep knowledge and understanding that the iQIYI team possesses regarding the Chinese market is invaluable to further expanding L.O.L. Surprise!,” says Isaac Larian, CEO and founder of MGA Entertainment. “With agents on the ground in China, who live and breathe the Chinese culture, we are confident that they will make incredible strides to strengthening the L.O.L. Surprise! brand.”
Outside of the standard distribution channels for the toys themselves, the newly inked agreement marks the first time that L.O.L. Surprise! will receive a complete licensing program in China.
“We are delighted to partner with MGA Entertainment and become the company’s first and exclusive licensee in China to promote the world-renowned IP brand L.O.L. Surprise!,” says Wu Gang, vice president, iQIYI. “Since its launch in December 2016, L.O.L. Surprise! has become one of the world’s most popular toy brands. With iQIYI’s massive user base, our deep understanding of the China market, and our strong development capability of the full IP value chain, we are confident that we would bring the L.O.L Surprise! brand to more children and families in China and further promote its brand and development in the market.”
This year, L.O.L. Surprise! hit a milestone 1 million subscribers on YouTube, debuted a subscription box with CultureFly, and launched a packaging recycling program in partnership with Terracycle. Additionally, the new L.O.L. Surprise! O.M.G. dolls hit retail this month, quickly selling out in some locations.