Summer’s Barbie craze hasn’t died down yet, and Halloween looks like it might be a total pink extravaganza.
Greta Gerwig’s blockbusters Barbie Rake in Over $1.4 billion At the global box office, break record and solidifying its status as the top-grossing film of 2023 – Barbie maker Mattel is considering more toy movies. BarbieIts success has enhanced its profitability.
In an interview with CNBC on Wednesday after the company released its quarterly earnings report, Exceeded Wall Street expectations— Mattel CEO Ynon Kreiz discusses how the El Segundo, Calif.-based company plans to monetize more of its intellectual property rights.
“We’re here to create a movie franchise,” he said. “We’re not saying every movie is going to be as successful as Barbie, but we’re going to use the same approach, the same approach, the same capabilities.”
In addition to Barbie, Mattel’s vast brand portfolio includes Hot Wheels, American Girl, Uno and Fisher-Price toddler toys. A film based on the company’s Polly Pocket series starring Lily Collins and directed by Lena Dunham, Already in progress.
Kretz said in an interview Wednesday Barbie showcased what Mattel has to offer in the broader entertainment space and noted that the company aims to extend the cultural significance of its brand into market products beyond toy stores.
“It’s about leveraging successful brands and executing on intellectual property strategies across multiple verticals, highly recognized business verticals that are in some cases larger than the toy industry, all of which are run by large franchises. Power-driven,” he explained.
Mattel said Wednesday that Barbie sales soared 16% in the third quarter on the success of the movie. Revenue for the quarter increased 9% from the same period last year to $1.92 billion.
However, the company has no illusions that toy sales are guaranteed to remain at these levels, and its movie strategy suggests Mattel believes it needs to diversify to stay ahead.
Although the company Full-year profit guidance raised wednesday it warn Demand for toys is slowing ahead of the holidays as economic fluctuations threaten to hit consumer spending.
Mattel isn’t the only company profiting from this Barbiesuccess.
Burger King Brazil Barbie Burger launched Finish Pink Sauce Before Movie Release, and Airbnb, Roku, and Dating App Bumble All Jumping on the Barbie Hype Bandwagon The entire summer has its own marketing campaign.
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