Barbie’s long-awaited big-screen debut and the much anticipated introduction of the brand’s cinematic universe were both topics of conversation with Mattel CEO Ynon Kreiz and Jim Cramer on CNBC recently. Kreiz emphasized the company’s change in perspective, acknowledging that their clients are not only consumers but ardent admirers of their recognizable toys.
For Mattel, the objective was to create a memorable cultural event rather than just a movie. Kreiz expressed enthusiasm for Greta Gerwig’s contemporary take on the Barbie line. The movie, named “Barbie,” is scheduled to open in cinemas on Friday. According to some observers, it will do well at the box office, with a projected $140 million in revenue.
With “Barbie” now in theaters, Mattel has officially launched its new cinematic world, which presently has at least 45 films based on its recognizable toys in production. JJ Abrams’ live-action Hot Wheels movie and a Barney movie aimed for adults that explores “millennial angst” are notable projects.
Kreiz said that Mattel uses its intellectual property (IP) and marketing know-how to support the success of its films rather than providing direct financial support. In order to become a “talent-magnet” in the entertainment sector, the company’s strategy include luring top-tier creatives to cooperate on projects.
Over a hundred firms signed agreements with Mattel to offer items with Barbie-themed themes to accompany the debut of the “Barbie” movie. Significant growth has resulted from this modification of the company strategy and Kreiz’s leadership since 2018. Mattel’s operational income changed from a loss of over $200 million to a gain of about $800 million, setting the business for long-term future development.
Kreiz praised Greta Gerwig’s artistic vision and highlighted how the movie makes the enduring Barbie brand relevant to viewers of all ages. He agreed that the attractiveness of Mattel’s cinematic world is further enhanced by its wide range of brands, which includes Barney.
In conclusion, the CEO of Mattel emphasized the company’s strategy change, emphasizing the emphasis on producing memorable cultural events via its cinematic world. With “Barbie” leading the charge, Mattel is keen to entice top creative talent, expand its brand, and engage audiences of all ages.