When Ynon Kreiz joined Mattel as CEO in April 2018, he was determined to make the Barbie feature film a massive success, regardless of its impact on doll sales. Above all, he wanted the movie to be exceptional, different, and groundbreaking. Kreiz was even willing to be made fun of in the film as the character of the CEO. The bold approach paid off beyond expectations as “Barbie” grossed close to $1.4 billion, surpassing one of the “Harry Potter” movies as the highest-grossing Warner Bros. film ever. The film could even reach the $2 billion mark. Mattel’s success with “Barbie” was achieved through a careful strategy and collaboration with top creative talent. While the financial details of Mattel’s agreement with Warner have not been disclosed, it is speculated that Mattel earned 5% of the box office revenue, as well as profits from being a producer and obtaining payments for owning the Barbie intellectual property rights. There was also an increase in merchandise sales and anticipated boost in doll sales. “Barbie” became the focus of Mattel’s earnings call, signaling a milestone moment for the company’s strategy to leverage its intellectual property and work with renowned creatives. Kreiz’s willingness to poke fun at himself in the film surprised many, as he is not often associated with humor. Considering the challenges faced in getting the film made, Mattel’s leadership team’s trust and support for the unconventional creative team was seen by critics and audiences as refreshing. Kreiz’s decision to not renew the Sony option led to a meeting with Margot Robbie, who was already interested in finding a potential franchise for Warner. Robbie came reasonably close to embodying Barbie’s dimensions while radiating wholesome beauty, making her the perfect fit for the role. Robbie suggested her friend Greta Gerwig as the director, despite Gerwig’s track record in independent films. Gerwig’s love for Barbie dolls and her willingness to take on a mass-market project made her the ideal choice. After Warner signed on as co-producer and Gerwig and Robbie committed to the project, the creative team retreated to develop the film further. The success of “Barbie” goes beyond just one movie, transforming Mattel’s perception in Hollywood and solidifying its position as a major film producer.
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