China's latest box office sensation, Nezha 2, has shattered multiple records, becoming the first Asian film to surpass 10 billion yuan and US$2 billion in global box office revenue. It has also claimed the title of the highest-grossing animated film worldwide.
The film's commercial success has triggered a gold rush in IP licensing. More than 20 brands have already partnered with the franchise, while licensing fees have surged from 5 million yuan (about USD 690,000) to 9 million yuan (about USD 1.24 million). Despite the sharp rise, companies are scrambling to secure collaborations.
A report by Kaiyuan Securities estimates that merchandise and spin-offs from the Nezha franchise could generate 100 billion to 150 billion yuan (about US$13.8 billion to US$20.7 billion) in revenue. With the film expanding its audience base, the total commercial value of the Nezha IP is projected to reach 300 billion to 350 billion yuan (about US$41.4 billion to US$48.2 billion), cementing its status as one of China's most valuable entertainment assets.
