Third Attempt at Barbie's Silver Screen Debut:
In its third endeavor, the pursuit to bring Barbie to the silver screen was intense. Mattel's CEO, Ynon Kreiz, extended invitations to renowned Hollywood producers, directors, and actors for the task. Mattel's inception of the Barbie doll dates back to 1959, which enjoyed over six decades of global popularity, accounting for about 80% of Mattel's total market capitalization of $7.5 billion. Creating a Barbie film was a long-awaited aspiration that Mattel couldn't ignore any longer.
A Gathering of Hollywood Powerhouses:
Hollywood insiders gathered in El Segundo, California, where Mattel's headquarters are located. Among them were J.J. Abrams, the creator behind "Mission: Impossible," Vin Diesel of the "Fast & Furious" series, renowned actor Margot Robbie (dubbed the human Barbie), and visionary director Greta Gerwig. Interest also came from Greta Gerwig and Noah Baumbach, a Hollywood power couple known for their innovative projects. The casting of Barbie in the modern era, a symbol of conventional beauty, was a tantalizing challenge with room for reinterpretation.
Challenges Faced by Mattel:
Mattel faced challenges in relinquishing the reins of its iconic Barbie to a Hollywood couple. Mattel's film subsidiary, Mattel Films, could potentially merge creative control with a famous director and actor. However, Mattel's CEO, Ynon Kreiz, was determined to redefine the company's image and direction, creating an entertainment powerhouse akin to Disney or Netflix.
Barbie's Resilience and Evolution:
The path to Barbie's on-screen success was arduous, with previous attempts falling through, and even its lucrative Disney Princess license lost to Hasbro. The CEO, Ynon Kreiz, took on the mantle of transforming the company culture, not just cost-cutting or launching new products. He aimed to reshape Barbie's image for the 21st century, releasing dolls with varying body shapes and broadening her appeal.
Barbie's Silver Screen Triumph:
The latest Barbie film, directed by Greta Gerwig and Noah Baumbach, proved to be a resounding success. Upon its global release on July 21st, the movie clinched top spots in nearly every country and grossed over $1 billion in revenue worldwide. Mattel's Q2 2023 revenue of $1.087 billion was substantially boosted by the film's success.
Reclaiming Disney's License and Beyond:
Ynon Kreiz's mission encompassed more than just the successful movie. Reclaiming Disney's lost licensing rights and turning Mattel into a major entertainment company were his primary goals. In 1945, Mattel was founded, and in 1959, Barbie was introduced, defying norms by reflecting adult women's aspirations. Mattel consistently expanded its portfolio with acquisitions, aiming for more than just toy manufacturing.
Barbie's Long-Lasting Appeal:
Barbie's timeless appeal can be attributed to its consistent evolution. Mattel's ability to pivot and adapt the brand to contemporary demands, including diversity, was crucial. Barbie, once limited by stereotypical beauty standards, became a symbol of empowerment. The latest movie's success, despite a tumultuous history, showcases how an iconic brand can adapt and thrive in modern times.