What this is
The most all Western Pokémon toy licensees together could have paid in royalties in 2025: about $32–144 million (¥4.8–21.5bn).
How it’s built
- Western non-card Pokémon toy retail sales of $0.46–1.65bn, an estimate built on Circana retail-tracking data.
- × 0.5 to get wholesale, × royalty rates of 14.0–17.4%: low $32.2m, high $143.5m. At a 22% rate: $181.5m.
What we assumed
- Non-card Pokémon toy retail was $0.46–1.65bn.From Circana’s US and Europe toy data with an assumed non-card share; the wide range reflects that share.
- Wholesale is half of retail.A standard industry ratio used throughout the research.
- Listed toy makers’ blended rates (14–17.4%) apply.JAKKS and Funko file their all-licensor averages; no Pokémon rate is disclosed.
Sanity check
Covers the US and Europe only; cards, costumes, apparel and other regions are outside. Even the top is about a fifth of the low Western licensing estimate.
Where it comes from
Our calculation from other figures in the trainer’s notes.
Show the working
- P4 West non-card toys 0.46-1.65 USDbn retail x 0.5 wholesale/retail x listed blended royalty 14.0-17.4%: 0.46x0.5x0.14 = 32.2 USDm = JPY 4.82bn
- 1.65x0.5x0.174 = 143.6 USDm = JPY 21.47bn
- Shares: 4.82/130.6 = 3.7% to 21.47/98.5 = 2
Where it’s used
- StoryLicensing & merch
- Deep dive · Licensing & merchThe licensees who pay the royalty mostly say nothing
- Chart · The licensees who pay the royalty mostly say nothingThe named makers together can pay at most ¥27bn of an estimated ¥99–204bn
- Chart · Licensing & merchWestern cards and toys explain about a third of the $15.7bn at most
Related figures
Built from this one
- EstimateBounds on what Jazwares, the Pokémon master toy licensee, pays in Pokémon royalties
- EstimateFor each named Western Pokémon licensee, who is paid, what art and term apply, and the most it can contribute to Western licensing income in 2025
- EstimateWhether the prediction that toy master licensees pay only a small share of Western Pokémon licensing income holds
- EstimateHow much of the estimated Western licensing income must come from smaller licensees under tougher assumptions
- EstimateHow a yen spent on Pokémon cards compares with a yen spent on licensed merchandise for The Pokémon Company11–25%