A multi-year deal has been finalized between veteran toy manufacturer Mattel and SpaceX. Both the companies on Wednesday made the official announcement. According to Nick Karamanos, the senior vice president of Mattel’s entertainment partnerships, “As space exploration advances more quickly than ever before, we are thrilled to work with SpaceX and help spark limitless play patterns for the space explorer in every kid.” Toys might seem like a not-so-important topic of discussion. However, the fact that two industry giants have joined hands to produce toys is proof enough of its lucrative aspect. Read along to know more.
The What And Why
Space exploration has been coming to the forefront over the past few years, especially with companies like Tesla putting forth the possibility of commercial space travel (and even life on Mars.) Hence, it is only natural that businesses would tap into their profit potential. Furthermore, this is not the first time Elon Musk is joining hands with Mattel. Back in 2020, Musk collaborated with Mattel for producing remote control toys based on Tesla’s cybertruck. Mattel plans to release its product line by 2023. Another highlight of the partnership is that it was announced just before the anniversary of the moment when man landed on the moon for the very first time in 1969.
SpaceX merchandise sold through its website already enjoys a certain degree of popularity. However, these were mainly limited to shirts, jackets, and a couple of other accessories. Adding Mattel to the equation will let the company branch out into new and profitable products like plush, dolls, and so on. It looks like space fever is gaining space in every field. Given the fact that the collectors market has become a magnet for profit for companies like Mattel, exclusive licensing deals are an added advantage. And SpaceX without doubt has enough fan base and popularity to pump in profits to the system.
Two months prior to this partnership announcement, Mattel had sent two Barbie dolls into space. This feat was done in collaboration with the International Space Station National Lab to encourage girls to take up careers in aerospace, engineering, and so on.
Mattel, under CEO Ynon Kreiz, has taken several significant steps to boost business and generate profits. In the past four years, the veteran toy manufacturer has acquired a number of strategic license agreements. The partnership with SpaceX is yet another one on the long list. The financial terms of the deal are yet to be disclosed.