The summer time’s Barbiemania continues to be but to die down, with Halloween wanting more likely to be a totally pink affair.
Greta Gerwig’s blockbuster hit Barbie raked in additional than $1.4 billion on the international field workplace, breaking data and cementing its place because the highest-grossing movie of 2023—and Barbie doll maker Mattel is eyeing extra toy-based motion pictures after Barbie’s success bolstered its backside line.
In an interview with CNBC on Wednesday—after the corporate revealed a quarterly earnings report that beat Wall Avenue’s expectations— Mattel CEO Ynon Kreiz spoke about how the El Segundo, Calif.-based agency was planning to money in on extra of its mental property.
“We’re right here to construct movie franchises,” he stated. “We don’t say that each film will likely be as profitable as Barbie, however we intend to use the identical methodology, the identical method, the identical capabilities.”
Alongside Barbie, Mattel’s huge portfolio of manufacturers consists of Scorching Wheels, American Lady, Uno, and Fisher-Value toddler toys. A film primarily based on the corporate’s Polly Pocket franchise, starring Lily Collins and directed by Lena Dunham, is already within the works.
Kreiz stated in Wednesday’s interview that Barbie had demonstrated what Mattel needed to supply when it got here to wider leisure, noting that the agency was aiming to increase its manufacturers’ cultural significance and market merchandise past toy shops.
“That is about how do you’re taking profitable manufacturers and execute an IP technique throughout a number of verticals, extremely accredited enterprise verticals that in some instances are larger than the toy business, all pushed by massive franchises,” he defined.
Mattel stated Wednesday that Barbie doll gross sales had surged 16% within the third quarter on the heels of the film’s success. Its income for the quarter rose 9% from a 12 months earlier to $1.92 billion.
Nevertheless, the agency is beneath no phantasm that toy gross sales are assured to remain at these ranges, with its film technique an indication that Mattel feels a have to diversify to remain forward.
Though the corporate elevated its full-year revenue steering on Wednesday, it warned that demand for toys was slowing forward of the vacation season because of financial volatility that might see shopper spending take successful.
Mattel isn’t the one firm to have cashed in on Barbie’s success.
Burger King Brazil launched a Barbie burger full with pink sauce forward of the film’s launch, whereas Airbnb, Roku and relationship app Bumble all jumped on the Barbie hype bandwagon with their very own advertising and marketing campaigns over the summer time.
