We know a lot of animation fans and creatives are big fans of Funko and its memorabilia brand Mondo. That’s why it was tough to hear the news that Funko is laying off most of Mondo’s staff, including Mondo co-founders Rob Jones and Mitch Putnam and senior creative director Eric Garza.
Mondo’s highly prized, limited-edition movie posters by acclaimed artists such as Tom Whalen, Olly Moss, Shepard Fairey, Ken Taylor and Kevin Tong, have huge fans around the world, as do its vinyl records of film soundtracks and collectible toys. According to a report in The Wrap, Funko is also cutting The Lab division, which specialized in “cutting-edge experiences and products.” If there’s a silver lining in the story it’s that Mondo’s vinyl and toys division is still alive and kicking—and that the company told Indiewire that it will continue to produce posters despite all the layoffs and cutbacks.
The Austin-based company was founded in 2004 and was previously a subsidiary of the Alamo Drafthouse indie theater chain. Last year, Funko bought Mondo for $14 million after Alamo filed for bankruptcy. Funko posted a net loss of $46.7 million in its fourth-quarter earnings for 2022 and said it would write down between $30 million and $36 million in inventory for the first half of 2023.
Sources: The Wrap, Indiewire