Mattel, the global toy company known for brands such as Barbie and Hot Wheels, has seen a boost in sales thanks to the success of the Barbie movie. The three month period from July through Sept. saw Barbie billings increased by 16% as compared to the same period in 2022. According to a report by BBC News, the sales boost was a major factor in Mattel having its first quarter of sales growth in a year.
The Barbie movie, which was released in July, has had a lasting impact on Mattel's sales. The film, starring the iconic doll herself, has broken numerous records, including becoming the highest-grossing movie of 2023, earning $1.3 billion, according to Time. The film had the biggest opening weekend of the entire year, as well as achieving the record for the largest opening ever for a film by a female director. Directed by Greta Gerwig and starring Margot Robbie and Ryan Gosling, the Barbie movie made an impressive $162 million in its first weekend alone.
The success of the Barbie movie, according to Time, comes at a crucial time for Mattel, as the company has faced economic challenges in recent years. Since the onset of the COVID-19 pandemic in 2020, Mattel has experienced a steady decline in sales. However, the Barbie movie's success has provided a much-needed boost and has inspired the company to invest in more films and television as a means to drive growth.
Mattel's CEO, Ynon Kreiz, acknowledged the challenging economic environment but expressed confidence in the company's strategy. He stated, "Our strategy is serving us well. We are very well positioned competitively and expect a strong holiday season," according to BBC News. Kreiz predicts that Mattel's sales will fall industry-wide compared to the previous year but believes the company will perform well despite the economic challenges.
In addition to Barbie, Mattel owns a strong portfolio of children's and family entertainment franchises, according to its website, including Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, and more. The company not only manufactures toys but also offers film and television content, gaming and digital experiences, music, and live events. With products sold in over 150 countries, Mattel is a major player in the global toy market.
The success of the Barbie movie has not only boosted Mattel's sales but has also highlighted the potential of the company's entertainment franchises. With plans to expand into more films and television, Mattel aims to capitalize on its popular intellectual properties and strengthen its position in the industry.