Mattel CEO on Barbie movie: Here's how much we will make from the blockbuster in 2023
Mattel's (MAT) financial haul from the juggernaut Barbie movie is not all fun and games.
It's real money — and a lot of it.
Gross billings from Barbie, which include Mattel's cut of the movie box office and various merchandise, will be more than $125 million this year, Mattel chairman and CEO Ynon Kreiz told Yahoo Finance Live (video above) at the Goldman Sachs Communacopia and Tech Conference in San Francisco.
The operating margin from these sales will be above a meaty 60%.
"It is more than we assumed entering the year, and we expect that in future years there will be continued benefit from the movie," Kreiz said.
Mattel's "Barbie" live-action PG-13 flick, headlined by Margot Robbie as Barbie and Ryan Gosling as Ken, continues to clean up at the box office.
More than a month into its theatrical release, Greta Gerwig’s blockbuster has hauled in a mind-blowing $1.4 billion-plus at the global box office.
Mattel has positioned itself to win royally this coming holiday season from the eye-popping interest in all things Barbie.
The toymaker has licensed the Barbie name to merchandise that is sprouting up everywhere.
For instance, there is a Barbie apparel deal with specialty retailer Gap (GPS). The product line ranges from pink Barbie hoodies to pink pet clothing.
Since the movie's release in late July, Mattel has introduced a host of new dolls inspired by the movie. One doll in particular that is garnering a lot of attention is Weird Barbie, played in the movie by Kate McKinnon.
The steady stream of movie-inspired toys is expected to continue, experts say.
Kreiz told Yahoo Finance Live that Mattel is eyeing a "franchise management" stage with Barbie and additional sales pegged to the movie in 2024 and beyond.
"This is about long-term franchise management," Kreiz said. "It's not just about the quarter or the year. It was never about just trying to sell more toys. It was about creating a cultural event, creating a societal moment. And we believe the benefit will carry forward for years to come."
Read more coverage of the 2023 Goldman Sachs Communacopia + Tech conference:
CrowdStrike CEO: 'Microsoft is always going to be a competitor'
Goldman Sachs chief economist: US consumer won't break in 2024
Potential FTC antitrust suit against Amazon may hang over the stock: Analyst
Disney must show turnaround success for its stock to rise from the ashes: Analyst
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
