Mattel doesn't need 'Barbie'-like returns for all its films: CEO

Mattel is still riding high following the success of Barbie. However, the toy company has 16 movies in development, with properties such as Masters of the Universe and Hot Wheels having projects in the works. It's part of the reason why Mattel Chairman and CEO Ynon Kreiz was named Cannes Lions International Festival of Creativity's "Entertainment Person of the Year."

Speaking with Yahoo Finance's Brian Sozzi, Kreiz says that Mattel (MAT) offers the big franchises and brands that media companies are looking for, the kinds "that really elevate and pierce through the crowded market."

Kreiz explains that the foundation for Barbie's success was a "very strong brand that has a large, built-in fanbase." He adds that the Barbie playbook will be applied to other projects too, saying that even though some franchises may not have as big of a brand as Barbie, "by taking multiple shots on goal, with different partners, different creative executions, different distributors, each movie has its own path to be successful." Kreiz argues that for Mattel, not every movie needs to see Barbie levels of box office success for it to be a commercially strong project for the company.

Watch the video above to hear Kreiz explain how the company's plans to capitalize on its intellectual property continue to evolve.

Check out more from Yahoo Finance's coverage of the 2024 Cannes Lions festival here.

This post was written by Stephanie Mikulich.