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Tag: iab-children's games and toys

  • How toy and game companies are winning back their grown-up former customers | CNN Business

    How toy and game companies are winning back their grown-up former customers | CNN Business

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    New York
    CNN
     — 

    I was on vacation and hanging out quietly in the hotel room with my friend when, out of nowhere, she screamed “Zoo Pals are back!”

    We immediately tried to buy some. But to our misfortune, they were sold out. For days we refreshed the page to see if they were back in stock. Sure enough, I got my Zoo Pals a few weeks later.

    I’m almost embarrassed to share that Zoo Pals are paper plates that feature the bright, adorable faces of animals like pigs, turtles, ducks and whales. Each plate has one main section and two subsections for the animal’s ears or feet. In 2014, Hefty, the maker of Zoo Pals, discontinued them.

    As a child, Zoo Pals were a game-changer. That meant broccoli didn’t have to, God forbid, touch my chicken nuggets, and they also provided a special area for dipping the nuggets in ketchup. And I had an incentive to finish my plate so I could see my Zoo Pal’s face again.

    As an adult, I no longer have such needs. But $6.99 was a small price to pay for a walk down memory lane.

    Adults are increasingly shelling out for relics of their youth and for items, ranging from flip phones to film cameras to Tamagotchis, that evoke a late 20th-century or turn-of-the century nostalgia. That demand has created a treasure-trove of sales in particular for toys and products, like my Zoo Pals, originally geared to children.

    Toy recipients ages 18 and up — also known as “kidults” — represented about 17% of total toy sales in the United States for the 12 months ending in June 2023, according to data consumer research group Circana shared with CNN. That’s up four percentage points from 2021 and up a whopping eight percentage points from 2019.

    In total, toy sales for adults increased by $1.7 billion to $6.4 billion from June 2021 to June 2023, according to Circana data.

    The trend of adults buying toys for themselves is relatively new, but longing for the glory days of childhood is not. So how come adults lately have been willing to spend so much money on toys to relive the past?

    The pandemic drove more people to revisit their youth

    Adults started purchasing more toys for themselves after the pandemic began. Covid ushered in heightened levels of anxiety and it caused people to think about dying more, explains Krystine Batcho, a licensed psychologist who teaches at Le Moyne College in Syracuse, New York.

    Both factors are associated with “greater nostalgia,” said Batcho, whose research focuses on the psychology of nostalgia. Batcho created the Nostalgia Inventory, a survey that’s been widely used to assess what makes someone more inclined to feel nostalgic.

    For instance, her research and other research she’s studied point to millenials and members of Gen Z being in life stages that are prime for feeling nostalgic. “The transition away from childhood and adolescence to adulthood entails a bittersweet conflict between the desire to grow into independence and the desire for the carefree innocence and security of childhood,” she said.

    And, in general, people become more nostalgic during difficult times and in threatening circumstances, Batcho added.

    During the pandemic, as people were looking for ways to entertain themselves at home or in small groups they turned to social media for ideas, Juli Lennett, Circana’s toy industry advisor, told CNN. That helped fuel an increase in purchases for games, puzzles, collectibles, trading cards, building sets and more, she said.

    “Consumers found like-minded toy consumers and tribes formed around certain toy categories and brands. It continues to this day,” Lennett said.

    In 2021, Lego launched an entire product line designed for adults that can be found under the “Adults Welcome” section of its site. “In a world of distractions, LEGO Sets for Adults offer a focused, hands-on, mindful activity. A creative recharge. A zone of zen. A place to find your flow,” a post on Lego’s site states.

    A growing share of adults are buying toys for themselves.

    Mattel Inc.’s American Girl doll line has also seen an influx of purchases made by kidults over the past few years, “and it continues to grow in popularity,” Jamie Cygielman, the president of American Girl, told CNN.

    That started to take off in 2021 when American Girl re-released six of the original dolls the company had produced to celebrate its 35th anniversary. The dolls, priced at $150, began to sell out the first day they were listed online, said Cygielman. More than half of those purchases “were women purchasing for themselves, not for a child,” she said based on a subsequent survey American Girl conducted.

    American Girl first started selling alcohol at its first retail store café in Chicago in 1998. Now all nine of its cafés either have full liquor licenses or serve beer and wine, making it a popular destination for Gen Z and millennial customers to celebrate bachelorettes and birthdays, often with their dolls.

    “So we started really leaning into it a bit more,” she said. That meant re-releasing more dolls and doll outfits adults grew up with as well as adding more alcoholic beverages and food items that appeal to adults to its in-store café menus.

    “Any given day as you walk into our café, you’ll see tables of young adults with not a child in sight,” said Cygielman. Many of them come there to celebrate birthdays and bachelorette parties, often with their dolls sitting in clip-on chairs beside them.

    Most recently, American Girl re-released two doll outfits that were originally sold in 1999.

    TikTokers and Instagramers had a field day seeing those and rushed to post about it.

    Since American Girl creates individual stories featuring historical eras like the Colonial period or World War II to complement the dolls they sell, users on social media started posting things like, “We need an American Girl doll who went to college in 2016.”

    The TikTok account that posted that request, @inbloombyemily, received nearly 200,000 likes on her video where she described the doll’s story and curated outfits and accessories which included a Svedka bottle of strawberry lemonade vodka.

    In February, American Girl rereleased the two outfits on the dolls pictured in the middle that were originally sold in 1999. It's part of the company's efforts to attract more nostalgic adults to make purchases for themselves.

    American Girl hasn’t seized the opportunity to actually make most of the dolls the memes capture, said Cygielman.

    “It’s a sincere form of flattery, but we don’t necessarily want to author it ourselves,” she said. “We’re still laser-focused on our core customer, which is that young girl and her caregiver gift giver.”

    As for the kidult trend, there are some signs that it could slow, Lennett said.

    “As consumers have less money in their wallets due to macroeconomic conditions, they are spending less on discretionary categories like toys,” she said. “If the conditions continue, we can expect a pullback in toy spending for adults.”

    But Batcho, the psychologist, notes that nostalgia can be healthy in hard times.

    “Nostalgic memories remind people of better times and can encourage them to seek solutions and move toward a more optimistic future,” she said. “Nostalgia has also been found to increase a sense of meaning and purpose in life. By strengthening social connectedness and feelings of belonging, nostalgia counteracts loneliness.”

    Even though the darkest days of the pandemic are, for the most part, in the rearview mirror there’s still “a nostalgic longing for the security and stability of pre-pandemic life,” Batcho said.

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  • Ryan Gosling has ‘Barbie’ director Greta Gerwig cracking up in new ‘I’m Just Ken’ behind-the-scenes footage | CNN

    Ryan Gosling has ‘Barbie’ director Greta Gerwig cracking up in new ‘I’m Just Ken’ behind-the-scenes footage | CNN

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    CNN
     — 

    Even “Barbie” director Greta Gerwig can’t get “Kenough” of Ryan Gosling.

    The actor, who stars as Ken in the movie, had Gerwig in the throes of laughter on set while filming the “I’m Just Ken” musical sequence, as seen in new behind-the-scenes footage that was released on Monday.

    The video showcases the pair cracking up while watching a playback of Gosling singing about living a life of “blond fragility,” and later bending over in laughter after the cast of Kens dance around the set during the infamous “Beach off.”

    In another clip, Gerwig hilariously throws her hands to her mouth after watching Gosling furiously rip off his coat, and even Simu Liu, who also plays Ken, is seen losing it alongside Gosling during the 1950’s dance sequence.

    And as if Gosling’s commitment to nailing this role wasn’t clear enough, the triple-threat’s talent is reinforced when he’s seen fully nailing his dance moves in bonus footage of him performing parts of the musical number during various rehearsals.

    Guns N’ Roses guitarist Slash is also seen recording his guitar part for the song, and producers Mark Ronson and Andrew Wyatt are showcased working their magic in the studio as the cast of Kens sing with passion while recording their backup vocals.

    “Barbie” premiered in theaters last month and has seen massive box office success. The movie has grossed over $1 billion globally, making Gerwig the first solo female director with a billion-dollar movie.

    The “I’m Just Ken” sequence in the film illustrates Ken’s frustration with the dynamic between himself and Margot Robbie’s Barbie. The pair are best friends, but Ken’s feelings for Barbie go beyond that.

    “I’m just Ken. Where I see love she sees a friend,” he sings. “What will it take for her to see the man behind the tan, and fight for me?”

    It’s clear though that Gosling is so much more than just Ken, and he’s Kenough.

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  • How Barbie made a surprising comeback | CNN Business

    How Barbie made a surprising comeback | CNN Business

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    CNN
     — 

    The name “Barbara Millicent Roberts” may not ring a bell, but say her nickname — Barbie — and people of all ages know her. Created by Mattel in 1959, Barbie doesn’t look a day over 19.

    And now she is getting new life in “Barbie” the movie, distributed by CNN’s parent company Warner Bros. Discovery. The movie, out next Friday starring Margot Robbie, allows Barbie to question her own reality. Something consumers have been doing for decades.

    “Back in 2014 and 2015, we hit a low and it was a moment to reflect in the context of, ‘Why did Barbie lose relevance?’” said Ricard Dickson, president and chief operating officer of Mattel. “She didn’t reflect the physicality, the look, if you will, of the world around us. And so we then set a course to truly transform the brand with a playbook around reigniting our purpose.”

    Mattel was slow to diversify Barbie and friends. As a result, sales at Mattel started to slump in 2014. But during the pandemic Barbie saw a resurgence as parents looked for ways to keep kids busy at home. In the first quarter of this year, Mattel’s sales fell 22% from last year’s first quarter, primarily due to declines in Barbie and Enchantimals dolls and merchandise.

    “There’s been a lot of decline in that differentiation and that relevance that keep a brand fresh and top of mind from a purchase perspective. And when that happens, brands go into a place of fatigue,” said Katie Mancini, general manager of Landor & Fitch — a branding, strategy and design agency.

    Now Barbie and friends have many different skin tones and shapes. Mattel produces Barbies in wheelchairs and Ken dolls with the skin condition vitiligo.

    Mattel hopes the new movie, which was 4 ½ years in the making, will give the brand and Barbie the boost they’re looking for.

    That may already be happening. AMC Theatres reports they’ve sold more than 20,000 pre-sale tickets to Barbie and the new movie Oppenheimer. And at HomBom Toys in New York City, ‘movie Barbie’ is sold out.

    “I think I had 24,” said Ilene Gayer, owner of HomBom Toys. “They were gone within 48 hours.”

    But even a new movie may not be enough to draw up enough nostalgia for Barbie.

    “I wouldn’t want my granddaughters to grow up and be like Barbie,” said Patty Steffen from Fort Wayne, Indiana, who played with Barbies as a child. “I don’t know how much she has evolved – does she have a college degree now?”

    Carol Spencer is too old to have played with Barbie as a child, but she’s arguably spent more time with Barbie than anyone.

    Spencer became a clothing designer for Barbie in 1963. She spent 53 years transforming Barbie’s looks throughout the years.

    “I grew to think of her as my muse. I thought of every child who played with a Barbie doll as my child. So let me tell you, I have a big family. And I love it!,” said 90-year-old Spencer, surrounded by Barbies in her Los Angeles home.

    Spencer says Barbie was more successful in some years than others and it was often hard to keep up with the times. But she says Barbie has always been a steady brand.

    “Barbie really carried Mattel for great many years,” she said.

    Spencer was so influential at Mattel the company made a Barbie in her honor. And she still has “Barbie #1” in her dining room. She says plans to see the new movie with her Barbie Club — wearing pink, of course. She’s thrilled to see Barbie break out of Barbie Land and out of her heels, a sign Barbie may be keeping up with the times.

    “The new audience is Barbiecore pink. And that introduced a lot of fun and introduced I think people into the world of Barbie that hadn’t been there before,” she said.

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  • Supreme Court humors itself as it considers whether Jack Daniel’s can stop a dog toy company from parodying its brand | CNN Politics

    Supreme Court humors itself as it considers whether Jack Daniel’s can stop a dog toy company from parodying its brand | CNN Politics

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    Washington
    CNN
     — 

    The Supreme Court on Wednesday delved into the complexities of federal trademark law in a case concerning a poop-themed dog toy that resembles a Jack Daniel’s bottle, at times erupting into laughter as the justices explored how much protection should be given to parodists that rip off trademarks they don’t own.

    At the center of the case is a “Bad Spaniels Silly Squeaker” toy created by VIP Products that is strikingly similar to Jack Daniel’s bottles. The distiller sued the company over the toy – which is replete with scatological humor – claiming it violated federal trademark law, which usually centers around how likely a consumer is to confuse an alleged infringement with something produced by the true owner of the mark.

    But at oral arguments, at least one justice admitted she didn’t understand the joke being sold by VIP Products.

    “What is there to it? What is the parody here?” Justice Elena Kagan asked an attorney for the toy company, leading the courtroom to burst into laughter. “Because maybe I just have no sense of humor. But what’s the parody?”

    Kagan went on to list a number of different marks the company pokes fun at, drawing laughter from Justice Clarence Thomas: “Doggie Walker, Dos Perros, Smella Arpaw, Canine Cola, Mountain Drool. Are all of these companies taking themselves too seriously?”

    And a misunderstanding by Lisa Blatt, an attorney representing Jack Daniel’s, over a hypothetical posed by Justice Samuel Alito led to another round of giggles.

    Alito was trying to ask how likely it was that a reasonable person would believe Jack Daniel’s approved the toy at hand or a similar theoretical toy that joked it contained “dog urine.”

    “So a reasonable person would not believe Jack Daniel’s had approved this?” he asked Blatt.

    “I think if you’re selling urine you’re probably going to win on a motion to (dismiss), but you’re probably also violating some state law,” she replied.

    “Oh no, you’re not selling urine. It’s exactly this toy, which purportedly contains some sort of dog excrement or urine,” Alito said, humoring the courtroom as he attempted to clarify his hypothetical.

    “Well, just showing how confused I was suggests that I would be your perfect consumer,” Blatt said.

    Jokes – intentional or not – aside, some of the justices were skeptical of the distillery, whose attorneys want the court to toss out a heightened standard of review an appeals court used when it ruled in favor of the toy maker.

    “I have some hesitation doing away with the Rogers Test,” Justice Sonia Sotomayor said in part, referring to a court-created test used to determine whether a potential trademark infringement in non-commercial instances enjoys constitutional protection.

    Alito seemed to agree.

    “Well, I’m concerned about the First Amendment implications of your position and you began by saying, by stressing that Rogers is atextual, it was made up.”

    “You know, there is a text that says that Congress shall make no law infringing the freedom of speech. That’s a text that takes precedence over the Lanham Act and you said there are no constitutional issues,” he added, referring to the trademark law at the center of the dispute.

    Joining the dog pile, Justice Ketanji Brown Jackson said she was “concerned about impairing artists” if the court sided with Jack Daniel’s and issued a decision that effectively prevents the unauthorized use of marks in artistic works.

    The case pits the rights of a famous trademark holder against the First Amendment rights of a company that wants to use those marks to sell a humorous product.

    VIP’s “Bad Spaniels Silly Squeaker” toy has the same general shape of a Jack Daniel’s bottle. The plastic bottle, like its glass counterpart, has a similar font style and uses a black label.

    VIP borrows Jack Daniel’s “Old No. 7 Brand Tennessee Sour Mash Whiskey” to sell “The Old No. 2 On Your Tennessee Carpet,” a reference to dog excrement. And it changes the liquor bottle’s “40% ALC. BY VOL. (80 PROOF)” with “43% POO BY VOL.” and “100% SMELLY.”

    A tag affixed to the toy notes that it’s “not affiliated with Jack Daniel Distillery.”

    That, however, was not enough to keep Jack Daniel’s from suing the company to take the toy off the market. The distiller argues VIP violates federal trademark law and that the toy, especially the references to dog excrement, damage its reputation because it could confuse consumers into thinking the product belongs to the “oldest registered distillery in the United States.”

    “To be sure, everyone likes a good joke,” lawyers for Jack Daniel’s wrote in court papers. “But VIP’s profit-motivated ‘joke’ confuses consumers by taking advantage of Jack Daniel’s hard-earned goodwill.”

    Depending on how they rule, the justices could strip away some trademark protections by giving entities cover to legally use registered marks not belonging to them so long as they do so in a way that expresses humor.

    A district court ruled in favor of Jack Daniel’s, finding that the toy infringed on the distiller’s trademark. But an appeals court later sided with VIP Products, invoking the so-called Rogers Test.

    The court said VIP’s use of Jack Daniel’s trademark was non-commercial and that because it was done humorously for an “expressive work,” it’s protected by the First Amendment.

    The case “deals with a very common thing of pitting somebody who has trademark rights … against another who is saying, ‘I’m entitled to (use those marks) under the First Amendment because it is parody. And I need to take enough of the mark in order to make it funny. People have to get the joke,’” said Mark Sommers, a trademark attorney based in Washington, DC.

    Sommers added that the justices’ decision in the matter has the potential to be a landmark ruling if they “help define that line that exists between the First Amendment right of expression – be that parody, be that art, whatever you want to express – versus the important trademark issues that are here where brand owners who have invested a tremendous amount of goodwill don’t want their trademarks used in a manner which could result in potential confusion among the consuming public.”

    Attorneys for Jack Daniel’s told the justices in court papers that the appeals court ruling “gives copycats free license to prey on unsuspecting consumers and mark holders,” and warned that if it wasn’t reversed, companies could use trademarks they don’t own to flood the markets with allegedly unserious products.

    Santa Claus, the KKK, and other bizarre hypotheticals raised by Supreme Court in LGBTQ rights case

    “No one disputes that VIP is trying to be funny. But alcohol and toys don’t mix well, and the same is true for beverages and excrement,” they wrote. “The next case could involve more troubling combinations – food and poison, cartoon characters and pornography, children’s toys and illegal drugs, and so on.”

    VIP argues consumers can easily distinguish between the two products, with lawyers for the Arizona-based company writing in court papers that it “has never sold whiskey or other comestibles, nor has it used ‘Jack Daniel’s’ in any way (humorously or not). It merely mimicked enough of the iconic bottle that people would get the joke.”

    “This is a case about speech, and a popular brand’s attempts to control that speech by weaponizing the Lanham Act,” they wrote, referring to the federal trademark law at the center of the dispute.

    “It is ironic that America’s leading distiller of whiskey both lacks a sense of humor and does not recognize when it – and everyone else – has had enough,” the toy company told the court.

    The Biden administration had urged the justices to take the case, with the Justice Department siding with Jack Daniel’s in the dispute.

    “The First Amendment does not confer any right to use another person’s trademark, or a confusingly similar mark, as a source identifier for goods sold in commerce,” the department wrote in court papers. “Indeed, the absence of any such right is a basic animating premise of trademark-infringement law. If such a right existed, states and the federal government might lack authority to prohibit trademark infringement.”

    Several major companies also filed briefs to the court in support of Jack Daniel’s, including Nike and Levi Strauss & Co.

    “Though defendants will often have an incentive to label it as such, not every humorous use of another’s trademark is a parody,” Nike wrote in its brief. “Courts therefore should take a disciplined approach to this important classification in cases where ‘parody’ is claimed.”

    The Supreme Court is expected to rule later this term in another high-profile intellectual property law case, with the justices having heard arguments last year in a copyright infringement case concerning the late Andy Warhol and the late musician Prince. During those arguments, the justices attempted to determine when a new work based on a prior piece is substantially transformative, and when it simply amounts to a copycat version of an existing work subject to copyright rules.

    This story has been updated with additional developments.

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  • Camp toy store pleads for help after Silicon Valley Bank collapse | CNN Business

    Camp toy store pleads for help after Silicon Valley Bank collapse | CNN Business

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    New York
    CNN
     — 

    A toy company based in New York has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat.

    Camp, a venture-backed retailer, sent an email to customers Friday announcing it was slashing prices and would use sales to help fund its continued operations after much of its money was tied up in the bank failure.

    “Unfortunately, we had most of our company’s cash assets at a bank which just collapsed. I’m sure you’ve heard the news,” co-founder Ben Kaufman said in an email to customers.

    He urged customers to use the code “BANKRUN” to save 40% off all merchandise, in an apparent nod to the run on the bank that may have helped bring down the Silicon Valley lender. Camp also said customers could pay full price, which it said would be appreciated.

    Kaufman said the company was “hopeful that this will be resolved soon.”

    CNN has not confirmed if Camp had funds with Silicon Valley Bank when the bank collapsed.

    Silicon Valley Bank was put under control of the US Federal Deposit Insurance Corporation on Friday, capping off a stunning 48 hour period during which fears of a liquidity crisis at the firm prompted some startups to weigh withdrawing funds.

    The sudden collapse of the Silicon Valley lender has pushed tech investors and startups to scramble to figure out their financial exposure to the bank, with founders worrying about getting their money out, making payroll and covering operating expenses.

    The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for startup and tech industries. Rising interest rates have eroded the easy access to capital that helped fuel soaring startup valuations and funded ambitious, money-losing projects.

    Kaufman, a former BuzzFeed executive, founded Camp in 2018. It has nine stores in California, Connecticut, Massachusetts, New York, New Jersey and Texas.

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  • US Chess Federation investigates grandmaster following accusations of sexual misconduct | CNN

    US Chess Federation investigates grandmaster following accusations of sexual misconduct | CNN

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    CNN
     — 

    A chess grandmaster is under investigation by the game’s governing body in the US following accusations of sexual misconduct, according to the US Chess Federation.

    Two formal complaints were received last September by the federation regarding conduct by Grandmaster Alejandro Ramirez and the investigation “is ongoing,” the organization stated Thursday, adding that Ramirez’s membership has been suspended.

    The announcement comes after two-time US women’s chess champion Jennifer Shahade posted on social media on February 15, “Time’s up,” accompanied by a two-page statement saying she was assaulted by Ramirez two times “9 and 10 years ago.”

    Shahade wrote that she was speaking out now after other women had approached her with their own accounts of abuse by Ramirez.

    CNN has reached out to Ramirez for comment about the accusations through his lawyer Albert S. Watkins, who replied, “I have been directed to respect the confidentiality I was advised would purportedly attach to pending investigative undertakings.”

    The Wall Street Journal, which first reported on the accusations, quoted Watkins as saying, “At some point we are all compelled to take pause and reflect on the reality that unsubstantiated, temporally aged, and concurrent use of social media to incite a ‘Me Too’ call-to-arms runs afoul of every constitutional safeguard we have always held so dear. Superimposing today’s mores on erroneous recitals of acts of yesteryear is a recipe for disaster for both the accused and the accuser.”

    Shahade told CNN she had notified the US Chess Federation and the prominent Saint Louis Chess Club – where Ramirez served as a resident Grandmaster – of the alleged transgressions in 2020. She again reported concerns about Ramirez in 2021 after learning of a separate allegation from a fellow chess player, she said.

    Since her tweet last month, Shahade told the Wall Street Journal and CNN that other women have told her about alleged experiences of abuse by Ramirez.

    US Chess said it “strongly respects the right of alleged victims to control when and to whom they tell their story. However, because US Chess did not receive complaints from, or sufficient information regarding, the allegations of the other women referenced in the WSJ article, we have not had the opportunity to investigate and consider those additional allegations. That process is underway.”

    The Wall Street Journal reports Ramirez has resigned from his post at the Saint Louis Chess Club.

    Ramirez had been a chess coach with Saint Louis University since the inception of the school’s chess program in 2016. A university spokesperson told CNN Thursday, “On February 16, at our request, the St. Louis Chess Club removed Ramirez as SLU’s coach. They have since assigned an interim coach to lead the team.”

    Shahade told CNN Thursday, “I am relieved to hear Alejandro Ramirez resigned from the chess club and SLU. It is high time for a new chess era where we do all we can to make women, girls and all children feel fully safe and welcome.”

    CNN has reached out to the Saint Louis Chess Club and the International Chess Federation (FIDE) for comment.

    According to the Saint Louis Chess Club website, Ramirez was a chess prodigy and a FIDE Master when he was 9 years old. Ramirez earned his Grandmaster title by the age of 15.

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  • $30 million of Funko Pop! toys will be thrown in the trash | CNN Business

    $30 million of Funko Pop! toys will be thrown in the trash | CNN Business

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    New York
    CNN
     — 

    Thirty million dollars worth of Funko

    (FNKO)
    Pop! figures – those big-headed, vinyl pop-culture dolls – will soon make their way into the hands of a new collector: The garbage collector.

    Funko said in its fourth quarter earnings report that a combination of waning demand for the toys and a surplus of inventory is creating financial trouble for the company. Last year, they had to rent excess warehouse space just to hold the buildup of Funko figures, which range from Baby Yoda to Eddie Van Halen.

    Funko was holding onto about $246.4 million worth of dolls at the end of 2022. That’s 48% more than what they had on hand just one year before.

    The company intends to “eliminate” a bit of that nearly $250 million in inventory in the first half of 2023 “to reduce fulfillment costs by managing inventory levels to align with the operating capacity of our distribution center,” Funko said in a statement Wednesday. “This is expected to result in a write down in the first half of 2023 of approximately $30 to $36 million.”

    In short, the product they’re storing is now worth less than the cost of keeping it on hand, so they’re dumping at least $30 million worth of it.

    On a call with investors last week, CEO Brian Mariotti said Funko had already filled its Arizona distributing center to the brim with dolls and was forced to rent excess storage containers for them. The cost of that extra storage, he said, was causing the company to lose money at a rapid clip.

    Company executives also announced that they would cut 10% cut of their workforce as a cost-saving measure.

    Funko benefited during the pandemic boom, posting $1 billion in net sales for 2021 – a 58% increase from 2020 – but those gains didn’t hold up as the global economy reopened.

    The company reported a total loss of $47 million in the fourth quarter of 2022. That’s down from a profit of $17 million during the same period the year before.

    “It was clear on our last earnings call that the business and our operations hit an inflection point,” Mariotti said. “A combination of macro factors and Funko-specific issues have disrupted our financial and operating performance to an unacceptable degree.”

    Funko stock has fallen by 9.4% so far this year.

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  • Barney the purple dinosaur is back and he has a new look | CNN Business

    Barney the purple dinosaur is back and he has a new look | CNN Business

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    New York
    CNN
     — 

    Barney is back, and while Mattel has not yet officially confirmed it, we’re guessing he still loves you.

    Toy giant Mattel

    (MAT)
    announced Monday that Barney, the friendly (and, let’s be honest, cringe-worthy to a large group of Millennials who watched him as pre-schoolers, and to their parents) purple dinosaur is making a triumphant return to TVs and toy shelves next year. Thanks to the switch from live-action to animation, he’s now also got great big eyes.

    The “Barney & Friends” show, featuring the titular violet-hued T-Rex, aired on PBS in the United States from 1992 until 2010. Mattel said Monday that the new show, unlike the original, will be animated. So no beleaguered actor dressed up in a dinosaur costume marching around and singing to young kids.

    A spokesperson for Mattel told CNN that it has no specific news to announce yet about whether the relaunched Barney will be on PBS, but added that the company has “confirmed streaming and broadcast partners that we’ll be announcing later in the year.” PBS was not immediately available for comment.

    Mattel did say that the new franchise will include TV, film and Alphabet

    (GOOGL)
    -owned YouTube content as well as music and a vast array of merchandising, including toys (of course), clothing and books. The company’s Mattel Studios unit is working with Nelvana, a studio owned by Canadian media company Corus Entertainment

    (CJREF)
    , to co-produce the new series.

    “In creating the new series, it was important to us that we properly reflect the world that kids today live in so that the series can deliver meaningful lessons about navigating it,” said Fred Soulie, general manager of Mattel Television, in the news release.

    “With our modern take on Barney, we hope to inspire the next generation to listen, care, and dream big,” Soulie added.

    Mattel’s television unit, which has also recently brought back its Monster High and Masters of the Universe franchises, is hoping to cash in once again on young and middle-aged adults yearning for the days of their childhood.

    So for anyone who grew up on the original Barney show and actually would admit to enjoying him and friends like BJ the yellow protoceratops and Baby Bop the green triceratops, Mattel is hoping they’ll want to buy old school Barney toys and swag.

    The company said in its news release that “apparel and accessories for adult fans, featuring classic Barney, are also in development.”

    “We will tap into the nostalgia of the generations who grew up with Barney, now parents themselves, and introduce the iconic purple dinosaur to a new generation of kids and families around the world across content,” said Josh Silverman, chief franchise officer and global head of consumer products at Mattel, in the release.

    Mattel could use some more big hit toys. The company announced disappointing earnings and sales for the holidays as well as a sluggish outlook last week and its stock plunged more than 10% on the news. Rival Hasbro

    (HAS)
    has also been hurt by weak demand for toys.

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  • Mattel launches new Barbie doll for preschoolers | CNN Business

    Mattel launches new Barbie doll for preschoolers | CNN Business

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    New York
    CNN
     — 

    Mattel is giving preschoolers a new age-appropriate Barbie doll that it says is better suited for their needs.

    The doll, called “My First Barbie,” is specifically created for kids three years old and older, said Lisa McKnight, executive vice president and global head of Barbie and dolls for Mattel. The age range for the original Barbie fashion dolls is for kids 3 and up.

    “We talk to parents and kids almost every day. Interestingly, what came up more and more from parents who grew up with Barbie themselves was that they wanted a Barbie doll that was easier to play with for little hands with less dexterity,” said McKnight.

    Although the toymaker has introduced My First Barbie-branded dolls over the years, this is the first version of the iconic doll for preschool children.

    McKnight said the brand took this insight and began the process of developing My First Barbie a year ago.

    The $20 doll, which is available for purchase beginning this month at Walmart,

    (WMT)
    Target,

    (TGT)
    Amazon

    (AMZN)
    and other retailers, is noticeably different from the original Barbie.

    My First Barbie is larger, 13.5 inches tall versus 11.5 inches for the standard Barbie fashion doll. It also has a softer body and more articulated arms and legs.

    McKnight said the doll’s hands feature a distinctive design change. “The hand is closed, so the thumb is not detached. We did this to make it easier for little hands to dress and undress the doll,” she said.

    Mattel is launching the doll in four skin tones and with accessories like shoes and purses, a summer beach look complete with a sun hat and swimsuit, other fashion clothing with Velcro fasteners so little kids can easier change her clothes and bedroom and tea time play sets.

    “This is a first for us, to create a bespoke Barbie for preschool children,” said McKnight.

    First introduced as Barbie Millicent Roberts in 1959, Mattel sold 300,000 Barbie dolls in the first year of her launch. To date, it has sold more than a billion dolls worldwide. One gauge of the Barbie’s enduring popularity: the company says more than 100 Barbie dolls are sold every minute.

    Barbie continues to be the dominant doll brand and the No. 1 fashion doll brand globally. It was among the top 5 best-selling toy properties in the first nine months of 2022, according to market research firm NPD. It named Barbie as the top-selling global toy property of the year in 2021.

    Mattel’s attempt with My First Barbie makes sense, said Jim Silver, a toy industry expert and CEO of Toys, Tots, Pets & More, an industry review website.

    “Mattel is successfully filling a void for this age group. They’ve found a way to bring the Barbie fashion doll to an even younger consumer,” said Silver.

    “There’s very little out there in the toy market for preschoolers in dolls that isn’t a baby doll. But kids younger and younger are asking for a Barbie, which is for ages 3 and up,” he said. “So this is a great opportunity for Mattel to introduce Barbie even earlier to kids.”

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  • Damar Hamlin’s toy drive fundraiser tops $3 million in donations in hours after his on-field collapse | CNN

    Damar Hamlin’s toy drive fundraiser tops $3 million in donations in hours after his on-field collapse | CNN

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    CNN
     — 

    An online toy drive fundraiser started by Buffalo Bills safety Damar Hamlin topped $3 million in donations in the hours after the NFL star collapsed on the field during a game Monday night.

    The 24-year-old is in critical condition after suffering a cardiac arrest following a tackle during the first quarter of a game against the Cincinnati Bengals. CPR was administered on the field before he was driven out of the stadium in an ambulance to a Cincinnati hospital.

    As fans awaited news on Hamlin’s condition, donations poured in to a GoFundMe fundraiser he started in 2020 to raise money to purchase toys for children, writing at the time, “As I embark on my journey to the NFL, I will never forget where I come from and I am committed to using my platform to positively impact the community that raised me. I created The Chasing M’s Foundation as a vehicle that will allow me to deliver that impact.”

    The fundraiser topped $74,000 just one hour after Hamlin’s collapse and quickly grew to $2,033,270 just before 1 a.m. ET Tuesday, then soared to more than $3 million just an hour and twenty minutes later with more than 119,000 donations.

    “Following his injury on the field tonight, fans across the country are showing their support for him and his family by donating to his fundraiser,” GoFundMe tweeted Monday night.

    Bills fans – nicknamed the Bills Mafia – are known for having a charitable heart. In 2021, they celebrated their victory over the Baltimore Ravens by donating money to the favorite charity of Ravens quarterback Lamar Jackson, who the team lost in the third quarter due to concussion protocol.

    And in the 2020 season, Bills fans donated money to a children’s hospital after Bills quarterback Josh Allen’s grandmother died, according to ESPN.

    Bills fans charitable spirit seems to mirror Hamlin’s. CNN affiliate WKBW caught up with the NFL player just last month at his toy drive event in Buffalo, where he signed autographs for children.

    “Something I’ve always been into just giving back, something I’ve been doing back home in Pittsburgh for three years, I’ve been doing the toy drive, so just being able to extend it to Buffalo now is just something I love doing,” Hamlin told the station at the December 19 event.

    Support for Hamlin flooded in Monday night from fans and players across the sports community. The NFL Players Association tweeted that the organization and “everyone in our community is praying for Damar Hamlin.”

    In an overnight update, the Bills said Hamlin’s “heartbeat was restored on the field and he was transferred to the UC Medical Center for further testing and treatment. He is currently sedated and listed in critical condition.”

    The NFL and the NFL Players Association agreed to postpone the game, a statement from NFL said.

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  • You may be seeing a more ‘woke’ Santa this Christmas | CNN

    You may be seeing a more ‘woke’ Santa this Christmas | CNN

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    CNN
     — 

    On a frigid December night outside a suburban Chicago church, a group of parents and wide-eyed children line up to see Santa Claus.

    He awaits them with the classic St. Nick look: pink, cherubic cheeks, twinkling eyes, a gray beard and a plump belly – squeezed into a red suit with white fur trim – that shakes “like a bowl full of jelly” when he laughs.

    But when a thin teenager with ripped jeans, tousled hair and a gray hoodie sits down next to him, it soon becomes clear that this is no ordinary Santa.

    “Nice to meet you. I’m Trans Santa,” he says. He looks at the teenager and asks: “Pronouns?”

    “They, them,” the teen answers, looking up with surprise.

    What follows is not a kid asking for toys or dolls, but a young person asking for help. They tell Santa their Christmas wish is to come out fully to their parents and dress in a way that conforms to their gender identity.

    Later, Santa sighs as if he was the one who was handed a gift.

    “That definitely was an emotional moment for me,” Levi Truax, the man in the Santa suit, told CNN. Truax lives in Chicago, works at Starbucks and himself transitioned in his late 30s. “That would have made a difference for me when I was a kid. Just having the knowledge to put a name to what I felt as a kid would have been really empowering.”

    This scene comes from “Santa Camp,” a moving new documentary film about this push for diversity. The film airs on HBO Max, which like CNN is owned by Warner Bros. Discovery.

    Santa Claus has traditionally been portrayed as a jolly, white guy, but Truax represents a push for diversity in the Santa industry that has accelerated in recent years. In some parts of the US, the traditional definition of Santa as a straight White guy who heads out to work while Mrs. Claus stays at home baking cookies just won’t fly anymore.

    Just as there’s been a campaign to include more characters of color and LGBTQ characters in comic books and fantasy television series, there’s also been a drive to broaden traditional representations of Santa. These efforts include a Tex-Mex Santa named Pancho Claus, Asian Santas, a “Sensory Santa” for kids with special needs, and a recent ad depicting Santa Claus in a gay relationship.

    And, of course, there are Black Santas, who are in such high demand that one such Santa said he earns up to $60,000 each holiday season.

    These nontraditional Saint Nicks represent a new type of Santa who, as one T-shirt proclaims, “knows when you aren’t sleeping and knows when you aren’t woke.”

    “Santa Camp” follows a group of professional and apprentice Santas and Mrs. Clauses as they attend a summer camp organized by the New England Santa Society. The group said they invited Trans Santa, a Black Santa, and a Santa with special needs in part because of market demand — some parents these days are looking for Santas their kids will relate to.

    “How can one of the most beloved traditions in the world find its place in a changing America, and can it adapt?” said Nick Sweeney, the film’s director. “I think what we see in the film is that the answer is yes.”

    What others see, though, is something more disturbing. They see diverse Santas as something that could harm and confuse kids while ruining a cherished holiday tradition. The Mall of America in Minnesota faced a backlash on social media after it featured a Black Santa at a holiday event in 2016.

    Some started using the term “woke Santa” after a mall Santa in Illinois two years ago refused a boy’s request for a toy gun for Christmas.

    Their defense of a White Santa is part of a larger backlash against what some call “wokeism.” Merriam-Webster dictionary defines “woke” as being “aware and actively attentive” to systemic racial injustice and prejudice. Some critics, though, have redefined the term to mean a silly, overindulgent bow to political correctness.

    Some of those critics staged a counter demonstration against Trans Santa’s appearance at the Chicago church, chanting, “Save Santa!” and yelling, “You sit on a throne of lies.” Others left messages on the church’s voicemail, saying transgender people have mental issues and threaten the safety of children.

    A Santa Claus attending a Toys For Tots program on December 15, 2021 in New York City.

    Resistance to a more diverse Santa has been simmering for years alongside some conservatives’ complaints about the so-called secular “War on Christmas.” In 2013 former Fox News anchor Megyn Kelly declared that Santa, and Jesus, were white. One conservative blogger dismissed calls for a Black Santa, saying Santa should remain White because the origins of his legend reside in Northern Europe.

    “The real reason why black left-wingers object to a white Santa is that they are determined to condition black children to distrust white people and they cannot live with the image of our kids – especially the black ones – receiving gifts from a white man,” wrote Graham J. Noble.

    Another critic, responding to the mall Santa who declined to give a kid a toy gun, said the push for a diverse Santa is becoming absurd. Larry Keane, an advocate for the firearms industry, wrote in an essay that “all I want for Christmas is the real Santa, not a woke Santa.”

    Keane, who did not respond to an interview request, wrote:

    “Political correctness is has gone too far. It’s traveled from the Washington D.C. swamps to the frigid Arctic air of the North Pole. It’s infected Kris Kringle and next thing you know, Santa will be demanding the kids leave out nonfat soy milk and vegan snack bites in lieu of milk-and-cookies.”

    Some may find it curious that a jolly character like Santa inspires such sarcasm and anger. But the stories we tell children have long been a source of bitter debate. Some critics recently complained that the main character in a remake of “The Little Mermaid” shouldn’t be Black. The casting of a Black girl in an “Annie” remake drew similar controversy.

    Robin DiAngelo, author of the bestseller “White Fragility,” said in a recent interview that the debates over the color of fictional characters represents a larger issue: White supremacy insists that white people should be “the center” and “ultimate representation” of what it means to be human.

    “The irony,” DiAngelo told Yahoo News, is that “on the one hand, white people insist that ‘we don’t see color’ — and then we lose our minds when Santa is not the color that he’s ‘supposed’ to be.”

    Allan Siu, dressed as Santa Claus, emerges from his dressing room on December 8, 2022, at the Mall of America in Bloomington, Minnesota. Siu is the first Asian Santa the mall has ever had.

    She added, “Given that most white people live segregated lives, I think it’s really important — not just for Black children to see themselves reflected in valuable symbols, but it’s really important for white children to see it too.”

    One character in “Santa Camp” discovered firsthand how fraught the journey can be for a nontraditional Santa.

    Chris Kennedy made headlines several years back when he received a racist and threatening note for erecting a Black Santa on his lawn in Little Rock, Arkansas. The incident inspired him to don a Santa suit over his imposing frame and attend Santa Camp.

    The documentary shows Kennedy at a Christmas festival in Arkansas as a Black Santa, where his appearance sparks some strong reactions. In the film, the festival’s organizer says some White families refused to take their kids to see Kennedy because they believe Santa should be white.

    Yet the film also shows both Black and White families who say they brought their kids specifically to see a Black Santa. Black kids, in particular, jump for joy when they see him. So do some of their parents.

    “When I was little, Santa was white,” one Black mother tells a smiling Kennedy after he greets her with, “Bro, ho, ho.”

    “He was whatever someone else decided Santa to be,” she adds.

    In the film, Kennedy shakes his head after meeting the kids and their parents.

    “There were families that traveled over 300 miles to be here,” he says. “That was very rewarding. But it … also gave me a sense of sadness, that there are not Black Santas closer.”

    Some White parents who refused to see Kennedy might have changed their minds if they knew Santa’s history. The first Santa – or at least the man he was modeled after – was probably brown. The Santa legend can be traced back to a monk named St. Nicholas, who lived in modern-day Turkey and was known for his generosity and as a protector of children.

    An undated Coca-Cola advertising poster shows a young boy surprising Santa Claus.

    Santa has evolved in other ways. The name Santa Claus comes from a shortened version of Saint Nicholas in Dutch, “Sinterklaas.” Dutch immigrants later brought that tradition to America. The 19th-century authors Clement Moore and Washington Irving popularized Saint Nicholas stories.

    But it’s the Coca-Cola company which is widely credited with spreading the modern image of the twinkly-eyed, White Santa. In the 1930s, Coca-Cola hired an illustrator to create portraits of a cuddly Santa Claus in a red and white suit to boost sales during its slow winter season.

    The push for a more diverse Christmas, though, isn’t restricted to Santa. There’s also a campaign to “sleigh the patriarchy” by transforming Mrs. Claus into a feminist icon.

    Mrs. Claus plays a prominent role in “Santa Camp.” Trans Santa is accompanied by his wife, Heidi Truax, who goes by the name Dr. Claus (she has a doctorate) and has co-written a book for kids called “You Can Be a Claus Too: Lessons from Santa Camp.”

    The film also illuminates a growing wish by women to show their daughters more assertive representations of the traditional Mrs. Claus. More Mrs. Clauses are demanding equal pay and billing when they appear with Santa at events, the documentary shows.

    Levi Truax, known as Trans Santa, and his wife Heidi Truax, known as Dr. Claus, in a scene from

    One scene in “Santa Camp” shows a mother steering her daughters to Mrs. Claus and asking her to teach them that it’s okay to be assertive.

    “Young girls need to speak up and say what’s on their mind,” Dianne Grenier, who goes by Mrs. Merry Claus, tells the wide-eyed girls. “That’s why I spoke up to Santa and said, ‘You know I’ve been quiet all these years and being a good little wife, but now it’s my turn. See how you like sitting at home.’”

    The scene ends with a little boy looking on in silence, his brow bunched in confusion.

    The campaign for a more diverse Santa is also a push to remove sexism from the holidays, others say.

    Maureen Shaw, founder of sherights.com, an online magazine devoted to women’s rights, wrote an essay stating that sexism at Christmas “is as American as Santa, sugar cookies and caroling.”

    Women, for example, are expected to bear the brunt of holiday preparations, she said. Retailers “perpetuate gender binaries” by filling girls’ sections with frilly dresses and princess castles and boys’ sections with pants and electronic toys.

    “To assume that my daughter wants a doll or that my son wouldn’t be interested in a princess toy because of their sexes is problematic,” Shaw tells CNN. “It reinforces gender stereotypes, which implicitly sets limits on what they can or should take an interest in. It may seem silly to skeptics, but consistently gifting girls kitchen sets, dolls and princess toys lays the foundation for what’s expected of them as they grow up.”

    Those who say the more diverse representations of Santa betray the values of the holiday season may be forgetting about another iconic Christmas character: Rudolph the Red-Nosed Reindeer.

    Rudolph, if you recall, was mocked by his peers because his bulbous red nose made him different. But Santa Claus saw the value in Rudolph’s luminous nose and asked him to lead his sleigh that night, transforming him into a Christmas hero.

    The story of Rudolph was written in 1939 by a Jewish Chicago copywriter named Robert May, and was adapted into a stop-motion TV special that first aired in 1964. It has become one of the longest-running Christmas TV events in history. Paul Soles, who provided one of the voices in the television special, once explained why Rudolph’s story is so enduring.

    “Everybody’s been to some degree separated out, found wanting, not quite fully fitting in,” said Soles, who also grew up Jewish.

    Not fitting in is something that the Trans Santa outside the Chicago church can relate to. Truax said he grew up isolated and confused in suburban Detroit because he felt like he was in the wrong body. When he finally came out as transgender, he said his father was supportive.

    Others in his situation aren’t as lucky. Just over half of all transgender and nonbinary young people in the US contemplated taking their lives in 2020, according to The Trevor Project’s third annual National Survey on LGBTQ Youth Mental Health.

    Santa Claus waits for visitors  at the King of Prussia Mall in  Pennsylvania on November 22, 2019. One expert on race says White people can become upset

    The teenager who greets Trans Santa in the film hints at some of that struggle. They tell Santa they want to get a binder, a compression undergarment to flatten breasts for teens who identify as gender-nonconforming or transgender.

    Truax smiles and nods knowingly. As he talks, a string of Christmas lights on four evergreen trees behind them illuminate the December sky.

    “I know when I got my first binder, it changed me,” Truax tells his visitor. “It empowered me to have the body of the person I wanted to be.”

    The teenager looks up to Santa, their face brightening in a smile.

    “It’s very empowering being in your presence,” they say.

    They then stand up and pump their left fist in triumph, a new bounce in their step.

    For some, such a scene has nothing to do with the holiday. But for this kid, meeting a Santa who understands their journey might be one of best Christmas gifts ever.

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