PAW Patrol The Movie

Spin Master revenue jumps 34% in Q1

Big bumps in the preschool, dolls and interactive category (up 56%) and digital games (up 49%) have led Spin Master to revise its 2022 forecast to double-digit growth.
May 6, 2022

Toronto-based toyco Spin Master has increased its total Q1 revenue by 34% to US$424.2 million, compared to the same period last year, and is now projecting double-digit growth for the rest of 2022.

The company saw a lift in all categories, but the biggest increase was a 56% bump for the preschool, dolls and interactive segment (which includes PAW Patrol) to US$151.8 million. Growth in the digital games category wasn’t far off that pace at 49% to US$51.1 million, driven by more in-app purchases in the Toca Life World app. And other notable increases included wheels and action (up 46% to US$99.7 million), activities, games, puzzles and plush (up by 16% to US$101.9 million) and outdoor (up 5% to US$44.1 million).

The company is now forecasting its gross product toy sales and revenue for 2022 will increase by low double digits year over year, instead of the mid to high single-digit growth it predicted in February.

The pandemic hit Spin Master hard in Q1 2020, but a 394% increase in the digital games category helped it bounce back in Q1 2021. A more positive outlook for the rest of the year could open up opportunities for expansion through acquisitions and organic growth in 2022, said CFO Mark Segal in the toyco’s financial report.

Spin Master has been busy closing new business in recent months, including a multi-year master toy deal with Skydance Animation. In April, Apple TV+ ordered animated series Sago Mini Friends from the entertainment division, based on the Sago Mini World app. And on the toy side of things, the company hired former Mattel marketing exec Dough Wadleigh last month, charging him with overseeing product strategy and business development as its first head of global toy brands.

About The Author
News editor for Kidscreen. Ryan covers tech, talent and general kids entertainment news, with a passion for kids rap content and video games. Have a story that's of interest to Kidscreen readers? Contact Ryan at rtuchow@brunico.com

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