“CEO Ynon Kreiz has successfully assembled a top-notch team of entertainment and marketing experts, driving the larger vision of creating billion-dollar franchises through cultural relevance,” said Pande. “The initial stages of their success are evident, as Barbie, after decades of taking a back seat, has resurged into the collective conversation."
Professor Wilbur acknowledged, however, that Barbie didn’t dispense with all of Mattel’s time-tested brand philosophies. The doll can be anything and anyone: an astronaut, a business executive, the President or a Major League Baseball player.
“In the marketing world, we call this an aspiration positioning,” says Wilbur. “This is a key brand strategy because Barbie can consistently evolve with current culture and stay relevant. The first ever theatrical release of a Barbie movie is a marketing milestone. The Hollywood A-listers involved in the movie will connect the brand to authentic glamour and star power.”
The results are undeniable. By July 30th, Barbie had grossed over $300 million domestically, making it the fastest female-centric movie to hit that mark (just edging out 2017’s Beauty and the Beast).
Executives at Mattel are already looking to capitalize on the movie’s success. Kreiz has suggested that the company could be interested in producing a sequel or even a television show based on the doll. Professor Pande believes the toy corporation won’t stop there.
“Mattel is pursuing a franchise-forward playbook akin to Marvel and Disney, aiming to evolve into an IP powerhouse with a diverse range of products and services that capitalize on their brands, moving beyond dependence on toy sales for valuation,” said Pande.
Sure enough, Mattel has several other projects in development, including movies based on Barney, Hot Wheels and American Girl dolls. Whether those films will match Barbie’s success remains to be seen. According to Marshall’s experts though their fate will likely depend on which lessons Mattel chooses to learn from Gerwig’s box office triumph.