Mattel CEO Ynon Kreiz Discusses Launch of Cinematic Universe and Barbie’s Big Screen Debut
In an interview with CNBC’s Jim Cramer, Mattel CEO Ynon Kreiz shared insights on the company’s recently launched cinematic universe and the highly anticipated big-screen debut of Barbie. With the film set to premiere in just a few days, Kreiz emphasized the company’s shift in mindset when it realized that its customers are not just consumers, but avid fans.
“This was not about making a movie, this was about creating an iconic cultural moment,” Kreiz stated. “We wanted to do something different, something unique, something that would stand out. We are very excited for this creation of Greta Gerwig, who is one of the most prolific creators of our generation, and her interpretation, modern-day interpretation, of the Barbie brand.”
Greta Gerwig’s “Barbie” is expected to make a splash at the box office, with analysts projecting a gross revenue of $140 million. This film marks the beginning of Mattel’s new cinematic universe, with 45 film adaptations of the company’s iconic toys already in development. Among these projects is a live-action Hot Wheels movie helmed by JJ Abrams and a Barney film targeted towards adults, which one producer described as delving into “millennial angst.” Mattel’s goal is to attract top-notch creative talent to amplify their brand and become a “talent-magnet.”
Kreiz clarified that Mattel does not directly fund its movies, instead leveraging its intellectual property and marketing expertise. However, the company does have involvement in the business aspects of these films. The release of “Barbie” was accompanied by an extensive marketing campaign, as over a hundred brands, including Bloomingdale’s, Kohl’s, Crocs, and Gap, struck deals with Mattel to sell Barbie-themed merchandise.
“We transformed our business model,” Kreiz, who took on the role of CEO in 2018, explained. “We went from a loss of about $200 million of operating income to a positive almost $800 million of operating income and continue to grow our business, generate cash, and position the company for long-term future growth.”
Kreiz commended Gerwig for creating a film that makes the iconic Barbie brand “relevant to everyone.” He emphasized that Mattel’s brands, including Barney, resonate across generations and appeal to audiences of all ages. By attracting and empowering creative talent, the company taps into the magic that can happen.
The premiere of “Barbie” promises to be a significant milestone for Mattel’s cinematic universe. With a star-studded lineup of upcoming film adaptations, the company is well on its way to becoming a force to reckon with in the entertainment industry.