With a revenue increase of almost 30% in Q2 and 31.5% over the first half of 2022, Spin Master becomes the latest toy company to enjoy a strong start to the year.
Max Rangel, Spin Master’s Global president & CEO, commented: “We are very pleased with our strong revenue growth this quarter across all three creative centres amidst a shifting macroeconomic environment. Our Toy business continued to grow ahead of the industry with the strong performance of our diversified toy portfolio including innovative IP, evergreen franchise brands and popular licensed partnerships.”
Spin Master’s total Q2 revenue reached $506.3m, an increase of 29.6% from the $390.8m it achieved in the corresponding period last year. The healthy growth was primarily due to an increase in Toy revenue of 34.1%. In addition, Digital Games revenue increased by 9.2% and Entertainment revenue increased by 3.3%.
The $111.2m increase in Toy revenue was driven by growth in Pre-school and Dolls & Interactive, Wheels & Action, Activities, Games & Puzzles and Plush, although this was offset by a decline in Outdoor. Entertainment revenue increased by $0.9m as a result of higher distribution revenue related to the toyco's flagship series Paw Patrol, which airs on Nickelodeon and Nick Jr. channels globally.
Overall, first half revenue was $930.5m, an increase of 31.5%, driven by growth in Toy revenue of 35.5% and Digital Games revenue of 28.7%, offset by a decrease in Entertainment revenue of 7.0%, thanks to more in-app purchases for Toca Life World.
Max Rangel added: “Looking to the balance of the year, we remain confident in our ability to execute on our strategy of reimagining everyday play for children globally, powered by our deep expertise across Toys, Entertainment and Digital Games. We believe we are well positioned to manage through external market dynamics to deliver profitable growth and long-term shareholder value, while continuing to invest in growth initiatives.”
The company stated that it continues to expect 2022 Toy Gross Product Sales to increase low double digits compared to 2021, consistent with prior guidance issued back in May.
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Originally published: July 29, 2022.
Sources: Toy World Magazine, Kidscreen.
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