PAW Patrol® is on a Roll with Second Movie, PAW Patrol: The Mighty Movie™, Greenlit by Spin Master Entertainment and Nickelodeon Movies, with Paramount Pictures Distributing on October 13, 2023
Nickelodeon and Spin Master Entertainment Also Announce New PAW Patrol Spin-Off Series for Television
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| PAW Patrol: The Mighty Movie™ set for exclusive theatrical release on October 13, 2023. (CNW Group/Spin Master) |
TORONTO and HOLLYWOOD, Calif., Nov. 3, 2021 - Following the global success of PAW Patrol: The Movie™, Spin Master Corp. (TSX: TOY) (www.spinmaster.com), a leading global children's entertainment company, announced today that it is producing a second big screen feature, entitled PAW Patrol: The Mighty Movie™, for its preschool powerhouse franchise. The CGI animated film, a Spin Master Entertainment production in association with Nickelodeon Movies, will be distributed by Paramount Pictures and is set for an exclusive theatrical release on October 13, 2023. Building off the franchise's global success, Nickelodeon and Spin Master Entertainment also announced a new PAW Patrol television series spin-off for one of the main pups set to debut in the same year.
"We loved telling a deeper PAW Patrol story on a bigger canvas and are pleased that the movie connected so strongly with kids and families around the world," said Jennifer Dodge, Spin Master Entertainment's President. "Judging by the exit polls, audience scores and positive critical reception, everyone had as much fun watching it, and rewatching it, as we did making it. We're looking forward to taking kids on a new adventure in the second film with our partners and can't wait to further expand our storytelling with one of the fan-favorite pups in our spin-off."
Said Brian Robbins, President and CEO, Paramount Pictures and Nickelodeon; and Chief Content Officer, Paramount+ Kids and Family, "Just as the first movie's success in theaters and streaming confirmed PAW Patrol's status and power as a top, globally loved franchise, this second theatrical release paired with the property's very first television spin off will mark another major step in creating a universe of characters and stories to reach even more fans everywhere. We here at Paramount and Nickelodeon are focused on keeping the momentum going with our great partners at Spin Master to keep giving kids and families more PAW Patrol adventures across multiple mediums."
The first feature film for the franchise, PAW Patrol: The Movie premiered in August 2021 grossing $40 million domestically and more than $135 million worldwide, making it the sixth highest grossing animated family film of the year to date. Tapping into a star-studded cast including Marsai Martin, Kim Kardashian West, Dax Shepard, Yara Shahidi, Jimmy Kimmel and Tyler Perry, as well as existing voice cast members from the preschool series, the film entertained kids and their parents reaching families with a simultaneous release in theaters and on Paramount+. The film landed the number one spot on the streaming service at launch with families watching it an average of three times. PAW Patrol: The Movie is now available on home DVD and Blu-ray.
Veteran animation director Cal Brunker (PAW Patrol: The Movie; Nut Job 2: Nutty By Nature) will return to direct the film. Jennifer Dodge, Spin Master Entertainment's President, with Laura Clunie, Spin Master's Senior Vice President Development and Feature Film, and Toni Stevens, Spin Master's Senior Vice President, Entertainment Production & Operations, will produce the film. Ronnen Harary, Spin Master's Co-Founder, Adam Beder, Spin Master's Executive Vice President, and Peter Schlessel will executive produce.
PAW PATROL: THE MIGHTY MOVIE Synopsis
When a magical meteor crash lands in Adventure City, it gives the PAW Patrol pups superpowers, transforming them into The MIGHTY PUPS! For Skye, the smallest member of the team, her new powers are a dream come true. But things take a turn for the worse when the pups' archrival Humdinger breaks out of jail and teams up with a mad scientist to steal the superpowers for the two villains. With the fate of Adventure City hanging in the balance, the Mighty Pups have to stop the supervillains before it's too late, and Skye will need to learn that even the smallest pup can make the biggest difference.
About PAW Patrol
PAW Patrol, one of the most successful series in kids' television globally, follows the adventures of a tech-savvy boy named Ryder and his team of pups who are ready to save the day. Whenever there's trouble, pups Chase, Marshall, Rubble, Zuma, Rocky and Skye are ready for action, no matter what comes their way. With a mission to work together to keep Adventure Bay safe, no job is too big, and no pup is too small. Airing in over 160 countries, in 30 languages, PAW Patrol is consistently ranked among both top-rated preschool and kids' 6-11 series. Currently in its eighth season on Nickelodeon, PAW Patrol's universal messaging resonates with children around the world and since its launch in 2013, the franchise has won countless awards.
About Spin Master
Spin Master Corp. (TSX:TOY) is a leading global children's entertainment company creating exceptional play experiences through a diverse portfolio of innovative toys, entertainment franchises and digital games. Spin Master is best known for award-winning brands PAW Patrol®, Bakugan®, Kinetic Sand®, Air Hogs®, Hatchimals®, Rubik's Cube® and GUND®, and is the toy licensee for other popular properties. Spin Master Entertainment creates and produces compelling multiplatform content, stories and endearing characters through its in-house studio and partnerships with outside creators, including the preschool success PAW Patrol and nine other original shows along with multiple short-form series, which are distributed in more than 190 countries. The Company has an established digital games presence anchored by the Toca Boca® and Sago Mini® brands. With close to 2,000 employees in 28 offices globally, Spin Master distributes products in more than 100 countries. For more information visit spinmaster.com or follow on Instagram, Facebook and Twitter @spinmaster.
About Nickelodeon
Nickelodeon, now in its 42nd year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The brand includes television programming and production in the United States and around the world, plus consumer products, digital, location-based experiences, publishing and feature films. For more information or artwork, visit http://www.nickpress.com. Nickelodeon and all related titles, characters and logos are trademarks of ViacomCBS Inc. (Nasdaq: VIACA, VIAC).
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of ViacomCBS (NASDAQ: VIAC; VIACA), a leading content company with prominent and respected film, television and digital entertainment brands. Paramount controls a collection of some of the most powerful brands in filmed entertainment, including Paramount Pictures, Paramount Animation, and Paramount Players. PPC operations also include Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group.
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To borrow a phrase from our preschool franchise PAW Patrol Spin Master is on a roll. During the quarter, we debuted our first feature film PAW Patrol: The Movie, which was released in August in theaters globally and on Paramount Plus in the US. To date, it has grossed more than $135 million worldwide and the film landed the number one spot on Paramount Plus at launch with families watching it on average three times.
The movie release had a halo effect on our franchise. Our reach among children has increased from 41% to 60% and awareness of the PAW Patrol has risen globally. There is strong momentum behind the PAW Patrol franchise and yesterday, we were pleased to announce that together with our partners at Paramount and Nickelodeon Movies, we have begun production on the theatrical sequel PAW Patrol: Movie 2, which will hit theaters in fall 2023. Additionally we are broadening the PAW Patrol franchise further and have announced that a new PAW Patrol spin-off series will be coming to Nickelodeon in 2023.
Our entertainment creative center is committed to producing at least one new property each year. In addition to the new PAW Patrol movie and spin-off series for 2023, the team has a deep slate of new entertainment series and feature films in development and we look forward to sharing further announcements in 2022. From the small screen to the big screen, we're creating endearing characters and engaging stories to capture the imagination of kids globally.
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Now in the US, our Q3 POS was in line with the industry growth of double digits. This is a significant improvement over the last two quarters. This trend accelerated in the month of September when our POS grew nearly three times the industry in both the US and internationally. Our share of US toy sales in September was above both 2020 and 2019 levels per NPD. We are very encouraged with our turnaround in our POS trend and that we are taking back share much of which is due to getting our inventory back to reasonable levels, delivering exciting innovation and consumer loyalty to our core toy lines such as Bakugan, PAW Patrol and Kinetic Sand.
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Our key brands and franchises demonstrated broad strength through the third quarter. PAW Patrol: The Movie had a positive impact on our shipments for PAW Patrol toy line and we are seeing a positive response from consumers in both POS sales and overall brand health. PAW Patrol maintained momentum in Q3, outperforming the preschool category globally and in the US with a successful movie launch and subsequent toy sales. PAW Patrol Q3 POS was up 22% globally and 27% in the US and 19% globally and 20% in the US year-to-date per NPD.
PAW Patrol is currently the number one character in preschool and was the eighth largest toy property globally in Q3 according to NPD. Within boys, Bakugan continues to pose strong POS and is the number one item in battling toys in France, Italy, the UK and Belgium per NPD. POS for Bakugan in Q3 increased 18% globally and over 38% in the US.
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Our Pre-School and Girls segment grew by $68.3 million or 28.1% to $311 million in Q3 driven primarily by strong sales of PAW Patrol, Wizarding World and Purse Pets which more than offset declines in Present Pets and Hatchimals.
PAW Patrol continues to perform exceptionally well accounting for a significant portion of the growth. The successful launch of the movie has boosted sales not only of products directly related to the forms but the core line as well.
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Entertainment and licensing grew 158% to $53 million primarily from distribution revenue related to the PAW Patrol movie. In Q3 digital games revenue increased 94% to $53.8 million led by growth in Toca Life World. We've now seen six consecutive quarters of record revenue growth in our digital games business.
Regarding the PAW movie as we described in August, we recognized $23 million of distribution revenue from Paramount in Q3 along with $23 million of amortization related to movie production costs which were previously capitalized. We are pleased to report that because of the strong box office performance of the movie we also recognized a box office bonus of $3 million this quarter.
As mentioned in August we may see additional revenue relating to our share of movie distribution revenues in early 2022. Licensing and merchandising revenue from the movie will continue to flow into Q4 and into 2022.
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In entertainment, we recognized distribution revenue from the PAW movie and the box office bonus which was offset by the amortization of production costs. The net effect of the movie was dilutive to consolidated gross margin by 150 basis points this quarter. Continued growth in digital games was accretive to gross margin by approximately 60 basis points.
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The significant increase in adjusted EBITDA was driven by the contribution of higher gross profit and lower distribution costs, partially offset by higher selling, marketing and administrative expenses. As a reminder, included in adjusted EBITDA was $23 million of distribution revenue from the PAW Patrol movie and $3 million from the box office bonus. The offsetting $23 million related to the amortization of product – production costs for the movie is not included in adjusted EBITDA. If we were to deduct the movie amortization, adjusted EBITDA and EBITDA margin for the quarter would be $194.3 million and 27.2%, respectively.
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Originally published: November 03, 2021 at 17:28 GMT.
