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Hasbro is thriving after a pivot to digital gaming, while Mattel is going all in on Hollywood.
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The two toy companies showcase different paths in the entertainment industry.
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Mattel has two movies coming out this year, while Hasbro has stepped away from Hollywood productions.
Yes, a new “Toy Story 5” trailer dropped this week, but that’s not what this post is about.
In the toy business, the “Big Two” are on very different paths. Both Hasbro and Mattel reported earnings earlier this month; the former exceeded expectations, while the latter disappointed. The biggest differentiator seems to be Hasbro’s pivot to digital experiences; its CEO Chris Cocks said that the company would double down on video games and that it has 10 in development.
Mattel, though, is going all in on the movie business, something Hasbro abandoned when it sold its entertainment studio eOne. Yes, Hasbro is still “in” the business, but isn’t materially involved in the projects anymore like it used to be. And yes, Mattel is also focusing on games and said this week that it was taking full ownership of the mobile games studio Mattel163.
But Mattel by contrast is leaning heavily into its film and TV unit Mattel Studios. Its first movies since 2023’s “Barbie” are set to be released this year: “Master of the Universe” from Amazon in June and “Matchbox” from Apple in October. The former is leaning heavy on nostalgia, but I don’t think nostalgia for He-Man is as high for guys as nostalgia for Barbie was for women (not to mention Amazon has yet to convince us it can open a blockbuster; “Project Hail Mary” will be tested first). “Matchbox” I think could be a bigger hit at the box office, filling that “Fast and Furious” gap at the movies — if it was getting a theatrical release, which at this point it’s not.
Meanwhile, Hasbro has largely unshackled itself from Hollywood expectations. There are still movies and shows based on its IP in the works — notably, a “Baldur’s Gate” series for HBO, a “Forgotten Realms” series for Netflix, and a “Power Rangers” show for Disney+. But the real juice is in Hasbro’s digital gaming division, which grew 45% in 2025 off the back of an initiative the company calls “Playing to Win.”
The future of that initiative, and of Hasbro itself, might be more interactivity. As I reported, the company last year started building an AI Studio that would lay the groundwork for a platform that “will change how fans interact with their favorite characters” and “blend physical and digital play.”
Ironically, that seems more and more like the future of Hollywood: Disney in particular is giving fans more interaction with their favorite characters, from a planned Fortnite universe to its deal with OpenAI’s Sora video generator. Maybe that’s just what any company that owns valuable IP will become.
As if Amazon didn’t control enough already, now it wants to be “the preferred destination for anime content globally,” according to an exec during a recent online showcase of its originals.
It of course has some competition. Crunchyroll is an anime-specific service with over 1,300 titles and Netflix has been talking up its anime offerings. It said last year that at least half of its global members watch anime. In its most recent engagement report, it said that 4% of global viewing on its platform in the second half of 2025 was for anime.
Is an “anime war” brewing? More on that in a future edition.
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I LIKED THE NEW “WUTHERING HEIGHTS”! All the book nerds need to chill (I also recommend the soundtrack by Charli XCX).
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“A Knight of the Seven Kingdoms” is some of the best “Game of Thrones” TV since season six of the original series.
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If you’re looking to get into American super hero comic books, it is a great time to start reading DC. The Absolute books are a great reimagining of classic characters, and the publisher is gearing up for a new “Next Level” initiative this year with fresh starts for some lesser known characters. They also just relaunched the Vertigo line for original, more mature titles (“Bleeding Hearts,” about a zombie whose heart starts beating again, is a good start).
🕷️ After the flops of “Madame Web” and “Kraven,” Sony is developing an animated Venom movie.
🏎️ Jerry Bruckheimer says a sequel to the “F1” movie is in the works (maybe a Matchbox-F1 crossover?).
🍿 Most staffers at Warner Bros. now support Netflix buying the studio over Paramount.