This week, for the first time since 2019, I returned to a movie theatre.
You might wonder which kind of exceptional movie was worth breaking that long absence.
Well, at the risk of disappointing some of you, the film in question was “Barbie“!
I didn’t – and still don’t – have much affinity for Barbie or Ken characters. But guess what? I thoroughly enjoyed the show.
And I’m still trying to dissect what made me fall for it.
Like some rare unicorns, the Barbie movie has become a phenomenon, attracting audiences well beyond its originally intended target.
Yes, Barbie can already be considered a box office success, making close to $300M in the US alone for its first ten days.
That’s much better than some established franchises that went out to date this summer (Indiana Jones and Mission Impossible sequels).
So why is the Barbie movie on its way to becoming a stellar success?
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- First, there’s a solid basis for the Barbie fashion doll business that started in 1959. Although sales have been challenged over the past six quarters, the Barbie franchise remains solid worldwide at about $1.5B in 2022.
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- I’m also not surprised the movie is attracting a large fan base, with the Barbie brand valued #4 at $700M behind Lego, Bandai Namco, and Fisher Price in the toys market.
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- It’s also been clear from the trailers and promotion that the movie is well-directed, with great actors and the promise of an excellent opportunity for fans to rejoice and celebrate the Barbie culture way beyond the movie script.
Yet, I’ve been scratching my head about how someone like me – not in the target audience – could 1) get in an amphitheater playing that movie and 2) enjoy the whole experience.
One reason is that, unlike what Lego did with their movie franchise, this Barbie movie is not trying to seek refuge behind a fantasy world and the perfectness of its brand.
In fact, the movie’s theme is quite a societal question: how to accept yourself with your flaws, existential crises, etc.
But it never falls into any deep moralistic view, as the unusually quirky and somewhat crazy scenario largely offsets any seriousness.
That’s where commerce and art converge. Executives at Mattel must have carefully weighed their options on the impact it would have on the Barbie brand.
I see how they’re reviving their relevance and enthusiasm beyond their core targets and dusting off a 64-year-old franchise, making it much more in tune with 2023 considerations.
Mattel hasn’t disclosed how much direct revenue they’ll get from the film’s box office success through the Warner Bros partnership. But the company will likely see higher profit from brand licensing deals and an uptick in Barbie toy and merchandise sales.
Some analysts estimate the movie could bring in $100 million in revenue for Mattel, including additional toy sales, brand licensing, and film royalties.
I’ll watch their subsequent earnings carefully!
But will I go and watch a potential sequel of this Barbie movie? I doubt it. Yet it is an excellent illustration of how an established – yet under-pressure brand – can find ways to rejuvenate and grow its value again.
The kind of traction and interest Unicorns enjoy.