Mondo, known for producing unique and stylish movie posters, is reportedly no longer producing them after its parent company, Funko, laid off most of its staff and killed off its poster division. Co-founders Rob Jones and Mitch Putnam were also laid off, and the company's division for cutting-edge experiences and products, The Lab, has been shut down. Funko, which purchased Mondo less than a year ago, has been struggling financially and recently announced layoffs and the disposal of its unsold inventory. However, a representative from Mondo clarified that the poster business will continue. Mondo had built a following over the years by producing cinematic fine art across limited-edition movie posters, vinyl records, and licensed action figures.
TheWrap's sources also indicated that the decision to shut down Mondo's poster division was likely due to the declining demand for physical movie posters. With the rise of digital streaming services, many moviegoers are no longer purchasing or collecting physical copies of movie posters like they used to. This shift in consumer behavior has likely made it harder for Mondo's poster division to remain profitable.
Despite the layoffs and the uncertainty surrounding Mondo's future, a representative for the company stated that Mondo's poster business will continue. It remains to be seen, however, how the company will adapt to the changing market and whether it will be able to maintain the same level of quality and innovation that made it popular in the first place.
Funko's decision to lay off staff and close down divisions comes as the company faces financial difficulties. In addition to posting a loss in the fourth quarter of 2022, Funko has also had to deal with an oversupply of unsold inventory. The company's decision to dispose of its unsold merchandise rather than renting storage space is indicative of the challenges that Funko and other collectible companies are facing in an increasingly competitive market.