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I think HT/Howard are aware that several brands are catching up to them in terms of quality and innovation, but they don't really care, Queen Studios has licenses for figures that will never sell as much as MCU or Star Wars figures, and the ones they do are limited to China only which means if anyone living elsewhere wants a Joker they'll have to pay a hefty fee to get it, while Hot Toys dominates the market with official distributors like Sideshow.
It's definitely true that Hot Toys has gotten lazy and comfortable in their position but people forget they've pionered the whole industry for the past two decades and they have a monopoly on all the best factories around, including their own, as we've seen with the latest Batman figure, they are ready to compete in order to remain as the top dog and at the end of the day it will all come down to 3 things, price, availability and value, HT has all those in the bag already, while QS is just getting started with 1/6.
All that combined with QS already saying that the Marvel/Star Wars licenses will be hard to negotiate with Disney, I don't think this will be the "war" people are hyping up, HT and QS will certainly butt heads whenever they make the same DC based figure but for now Hot Toys still reigns over the market with the most valuable licenses under their belt but QS is smart, they are trying to eliminate all third parties and other licensed brands by aquiring licenses Hot Toys hasn't touched in a while, and other licenses that have been the saving grace of some companies, they're even planning to do video game stuff, if anything this "war" will be fought between Asmus, Threezero, JND, smaller licensed brands and of course third parties, which will probably suffer the most since now they don't only have Hot Toys doing everything in their power to eliminate from the market but now Queen trying to get ahold of every license they can in order to build themselves up, either way it's gonna be interesting to see how this whole thing goes down.
I don’t think anyone is disputing HT dominance in the field. By brand recognition, sales, licenses acquired, stifling of competition...yeah, they’re still the “leader”. But something ABSOLUTELY has HT and Howard shook. We have so many 3rd party figures that can give a standard HT release a run for its money and they never batted an eye...so why all of a sudden we’re sensing a hint of panic from them?
As QS/IA’s representative said in the paradox nerd podcast that China is currently the first market, and the popularity of TDK trilogy is huge there. All they need to do to make big waves are the following:
Competitively priced, aggressively.
Short turn around.
Ridiculously good looking figures.
And you have the perfect storm.
They may be in competition with the smaller brands, but make no mistake, they’re gunning for HT. You don’t acquire a bunch of WB/DC properties to compete with smaller companies.
Also, i don’t think it’s so much as a war is being hyped up as it is collectors wanting change.