July 14, 2024

TechNewsInsight

Technology/Tech News – Get all the latest news on Technology, Gadgets with reviews, prices, features, highlights and specificatio

Mattel Expects 5 Million in Gross Billing from ‘Barbie’ in 2023 – The Hollywood Reporter

Mattel Expects $125 Million in Gross Billing from ‘Barbie’ in 2023 – The Hollywood Reporter

the Barbie The film served as a “template” for Mattel, with 14 other live-action films in development and plans to expand into other sectors.

What I saw about Barbie The film was a model, a case study, and an opportunity to understand the value and appeal of our brands, the cultural resonance and, most importantly, our ability to carry out these projects both creatively and commercially, and we hope and expect that we have More of these.” “We’re not saying it’s going to be as big or as successful Barbie, But it’s going to be the same approach, same opportunity, same capital methodology that we think has served us very well in this case.

Speaking at the Goldman Sachs Communacopia and Technology Conference on Thursday, along with Mattel Chief Financial Officer Anthony DeSilvestro, Craze outlined upcoming films involving Mattel IP, including JJ Abrams. hot wheels Movie, Skydance’s Matchbox Car Movie, Major Matt Mason’s Movie Starring Tom Hanks, Polly PocketDeveloped by Lena Dunham, starring Lily Collins. barney, In development with Daniel Kaluuya, and Rock ‘Em Sock ‘Em Robots with Vin Diesel.

The gaming company, which is also a growing TV list, incl Hot Wheels: The Ultimate Challenge on NBC and lexical On Fox, he said that even as the number of projects grows, Mattel will remain largely “capital light” in its approach to these types of partnerships, preferring to be largely a shareholder of intellectual property, rather than a larger participant.

However, Mattel still benefits greatly from its success Barbie The movie, which is now the highest-grossing movie of 2023, has grossed nearly $1.4 billion worldwide. DeSilvestro said Mattel shares in that success as the rights holder and producer, with the company’s profit sharing increasing with the film’s success. In 2023, he said, the company expects direct involvement in movies, games and related consumer products to result in total billings of more than $125 million. There are also projections of continued earnings in 2024 and beyond.

See also  Kanye West agrees to buy Parler, company says

This helps offset some of the weakness Mattel is seeing in the retail sector, as retailers struggle with higher inventory levels and lower spending on toys. DiSilvestro added that he believes the company is now in a better position, in terms of inventory levels, as it approaches the holiday season.

Regardless, Craze said the company is now able to explore other sectors, even outside of the film industry, thanks to the company Barbie film.

“The market reaction to the film’s success really opened up new opportunities for Mattel,” said Craze. “It has changed the conversation for us with other partners, not just in the movie industry, but in other areas, and has really helped highlight the strategy and strength of our investment portfolio.”