Okay, I actually discovered that The Oogieloves was originally meant to be a film adaptation of Teletubbies, but the creator refused for whatever reason.
Teletubbies could
not work as a film. There's no way they could make it work. Take away the fact that a movie based on a TV show has to deal ways around being a 90 minute episode...
There's NO comprehensible narrative, let alone basis for a plot. A movie
has to have a plot, even a loose one. Even the horrid parody movies have a thin thread of a plot (in that case, half the movies that came out in the last year have to defeat the other half of the movies that came out in the last year)...
but Teletubbies is basically barely verbal creatures in an overly safe environment. The episodes usually focus on them acting weird and saying "again again again" and doing the same thing over again at least 2 or 3 more times. 30 minutes of that drives anyone over the age of 2 nuts. 90 minutes, no matter how popular they are, is a recipe for franchise killing.
Oogieloves, as terrible as they are, at least have the ability to talk to each other and exist in an environment where they're not the only things there. THEY can tell stories, albeit terrible ones.