Label or wrapper with premium

A novel method for the application of collectible or play premiums which are positioned on labels or wrappers for consumer packaging to provide value to the advertising label stock and provide an incentive for the initial and repeat purchase of the consumer product. The premiums may be in the form of stickers, transferable tattoos, painting or other activity members, glow-in-the-dark or scented inks, etc., which are integral with the labeling material such that the label has an essentially uniform thickness which will not create problems in the use of high-speed automated machinery that is utilized in the application of the label stock to the consumer product. The flexible label comprises a first layer having advertising thereon and a second layer coextensive with the first layer providing a uniform thickness and includes a removable premium which is separated from the label for play or collection by the user.