After a sluggish holiday season, Mattel Inc. is hoping the most famous purple dinosaur in the world will help boost its sales.
The El Segundo-based toy company said that it is revitalizing the Barney brand as part of an overall effort to refresh its intellectual property.
The company plans to launch a new animated series centered on the friendly Tyrannosaurus made famous in the early 1990s. It is set to debut globally in 2024. A product line will follow the series in 2025.
“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, products and experiences,” said Josh Silverman, chief franchise officer and global head of consumer products at Mattel.
The company will market a full range of products geared toward children, including toys, books, and clothing.
Power of revivals
The toy maker also revived its Monster High and Masters of the Universe franchises in 2016 and 2021 respectively. Each has spawned successful content and consumer products.
“(Barney) is a huge property that Mattel owns from its acquisition of HIT Entertainment,” said Linda Bolton Weiser, managing director and senior analyst at D.A. Davidson & Co. “It makes sense to be reviving Barney. It’s not a crazy thought.”
The Barney franchise has historically targeted very young children. Will nostalgic parents steer their kids toward the benevolent T. Rex?
The show has been off the air for almost 14 years following a 20-year run.
“It’s a clean investment; dinosaurs have been popular with ‘Jurassic Park,’” said Arpine Kocharyan, executive director at UBS Investment Bank. “But it’s not a needle mover.”
The company is hoping otherwise, and that its overall strategy around nostalgic intellectual property will pay off soon. It posted disappointing fourth-quarter results earlier this month, a period that included holiday…
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