Mattel, the toy manufacturer and content creator, has created many popular names in child entertainment, ranging from Fisher-Price and Hot Wheels to Thomas and Friends. However, its most successful endeavor is the Barbie franchise.
On July 21, 2023, Barbie, a full-length feature film directed by Greta Gerwig, was released in theaters. Within the first two months, the film earned over $1.4 billion in gross sales, securing the prestige of the 14th highest-grossing movie worldwide. It is also the first billion-dollar movie directed by a solo female director. This has earned Mattel over $125 million in profits and has generated a whopping 25% increase in sales of the Barbie doll herself.
Mattel was founded in 1945, following the World War II in Los Angeles, California. Ruth Handler, Elliot Handler, and Harold “Matt” Matson started the company’s journey to success. The business name is a contraction of the two founders’ names. In 1959, the Barbie doll was born, its name derived from the Handlers’ daughter, Barbara. Following the doll’s creation, Ken was introduced to the yearning hands of children across the U.S. in 1961.
How did Mattel turn the 64-year-old Barbie doll franchise into a blockbuster movie? Partnering with Warner Bros., the company ran an effective marketing strategy, releasing teasers before release to build public anticipation. Its star-studded line-up includes an excellent Margot Robbie, previously cast in successful movies such as Suicide Squad and The Wolf on Wall Street. SNL’s Kate McKinnon is a hilarious “Weird Barbie”. As a notable departure from the brand’s audience of young girls, the movie appeals to all ages and genders. While the film comically depicts contemporary women’s struggle with life in a patriarchal society, it also highlights men’s search for relevance in a changing world. Ryan Gosling plays a pitch-perfect stereotypical Ken, obsessing over horses and big cars. The script conveys feminist ideas by portraying a journey of self-actualization. Last but not least, the movie’s soundtrack is a collection of custom-made and catchy songs by influential singers, including Lizzo, Billie Eilish, Nicki Minaj, and Dua Lipa (also cast as “Blue Mermaid Barbie”).
The movie features mesmerizing images in line with Barbie’s perfect imaginary world. “We used so much pink paint, it caused a shortage,” said the film’s production designer. The storyline is multi-layered, full of original characters and memorable replies. In fact, it is so rich in detail that many moviegoers have seen it more than twice.
Mattel and Warner Bros. collaborated with over 165 brands, including Forever 21 and Coldstone Creamery. Margot Robbie made Birkenstock a lot of money by wearing a pair of $160 rose-colored sandals. This inspired many women to order the bohemian footwear. However, AMC may have been among the companies that benefitted the most, inspiring the masses to return to movie theaters after the pandemic. The film’s simultaneous release with Oppenheimer, a much more serious historical feature, even gave birth to a new word: “Barbenheimer[.]” Together, these two movies truly made the 2023 cinematic season.
With a market capitalization of over $8 billion, Mattel continues to search for new ways to create value for its shareholders. It recently announced the upcoming launch of an AI-powered Pictionary game that could revolutionize the world of toys and add high tech to Mattel’s toolbelt. Overall, Barbie was a significant hit because of the fantastic cast, the inspiring ideas conveyed, the genius marketing strategies of Warner Bros. Studios, and most importantly, Mattel’s focus on bringing the Barbie franchise up to date on the new ways of 2023.
