If the upcoming Barbie movie is a success, viewers can expect more toy inspired films from its maker Mattel, according to CEO Ynon Kreiz.
The movie, set to release July 21, is a potential “catalyst” for movies based around Mattel’s consumer toys. The film stars Margot Robbie as Barbie and Ryan Gosling as Ken and is directed by Greta Gerwig.
"This is the first time that Mattel is putting a movie out based on any of our [intellectual property], any of our franchises,” Kreiz told Yahoo Finance Live at the 2023 Milken Institute Global Conference. “Barbie is clearly an important brand. It's one of our three power brands, and it will be in many ways a showcase for the quality of the movies that we're looking to make, the type of partnerships we're formulating with lead talent in Hollywood, working with major studios."
Kreiz noted that Mattel currently has 14 content projects in development, including a Warner Brothers movie centered around its Matchbox toy car brand.
Investors will also be watching — perhaps even in theaters — for reasons to be bullish.
Mattel stock is up nearly 1% Tuesday, but over the past year, it has fallen some 27% as sales declined.
Kreiz, for his part, is optimistic about the second half of 2023.
"It's too early to tell how the holiday season will shape up, but we have some meaningful drivers from Mattel for the full year," he added.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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