Hasbro Revamps Growth Strategy by Targeting 'Kidults'
From kids to adults: Hasbro's new focus is on 'kidults'.
1Hasbro's New Target Audience
Hasbro has long been known as a brand catering to children. However, as it enters its second century, the company is expanding its target audience to adults, particularly 'kidults.' This strategy aims to accelerate the company's growth.
2The Success of Magic: The Gathering
Hasbro's recent success was largely driven by the 33-year-old 'Magic: The Gathering' card game. Collaborations with Marvel superheroes and digital integration boosted sales by 32%, surpassing $500 million for the first time.
3Adult Demand for Toys
The post-pandemic slump in the toy industry was broken by adults' interest in nostalgic products. Hasbro is meeting this demand with products aimed specifically at women. Play-Doh's 'Blooms' series for adults is an example of this strategy.
4CEO Chris Cocks' Leadership
Appointed CEO in 2022, Chris Cocks reshaped Hasbro's strategy. Cocks focused the company on toys and card games while reducing media investments to ensure financial discipline. This move improved the company's financial performance.
5New Approach to Video Games
Hasbro plans to reduce spending on the video game sector by 25% annually. New games will be integrated with card and role-playing games before release. This strategy aims to lower costs while preserving brand value.
6Hasbro's Future Vision
Hasbro now positions itself not just as a toy company but as part of the 'industry of play.' This vision will enable the company to grow with products that appeal to both children and adults.
Original article: Fortune — Hasbro, 'Kidult' Pazarına Odaklanarak Büyüme Stratejisini Yeniliyor