Submitted by Andy
The Boogeyman is a real entity, which takes the form of things that he feared as a child (the same things he takes notice of the night his father disappears). These are the action figure, his lightning ball toy, and some bird props in his room. In the process of “battling” the Boogeyman in the final confrontation, he destroys each of these things, essentially facing his fears and overcoming them.
This is the same concept that he is told about earlier in the film, when he investigates an old house and finds the words “Face Him” over the closet door (the same door with the chair bolted down in front of it).