Greta Gerwig’s Barbie film has continued its remarkable journey at the box office, shattering records previously held by blockbuster giants like Marvel’s The Avengers.
According to reports by Variety and Screen Rant, the Barbie film is poised to cross the $623 million mark at the domestic box office in the United States by the end of this weekend, surpassing the earnings of The Avengers.
This remarkable milestone propels Barbie into the ranks of the 11th highest-grossing movie of all time in North America, as noted by Film Updates.
— Film Updates (@FilmUpdates) September 17, 2023
One of the most notable achievements of the Barbie film is its global box office earnings, which have soared past $1 billion, crossing the impressive $1 billion (£807 million) mark.
The film’s success isn’t only a cause for celebration in the entertainment industry but also a financial boon for Mattel, the toy company that owns the Barbie brand. Mattel anticipates that Barbie will contribute over $125 million (£100 million) in gross billings to the company this year, as revealed by Anthony DiSilvestro, the chief financial officer at Mattel during the Goldman Sachs media conference on September 7. This figure encompasses revenue from the movie, toy sales, and other consumer products related to Barbie.
DiSilvestro explained, “Our economics are a function of the revenue, as well as profit participation, which scales up with the success of the movie,” underscoring the importance of the film’s success to Mattel’s bottom line.
According to The New York Times, Mattel earned five percent of the film’s box office revenue, in addition to a portion of the overall profits as a producer on the movie and additional payments as the owner of the Barbie intellectual property.
Buoyed by the triumph of the Barbie film, Mattel is now embarking on a series of movie projects based on their intellectual properties. These include a Polly Pocket adaptation by Lena Dunham, a Hot Wheels film from J.J. Abrams, and a Barney project starring Daniel Kaluuya.
Mattel CEO, Ynon Kreiz, expressed his optimism, saying, “What you saw around the Barbie movie was, we believe, a template, a case study, an opportunity to truly understand the value and appeal that our brands have, the cultural resonance, and, importantly, our ability to execute these projects both creatively and commercially. We hope and expect to have more. I’m not saying it will be as big or as successful as Barbie, but it will be the same approach.”
In the midst of the film’s success, Margot Robbie, who stars in Barbie, made headlines for her support of striking actors in Los Angeles by joining the picket line this week, demonstrating solidarity with her fellow performers.
Looking ahead, Mattel foresees continued profits stemming from Barbie into 2024 and beyond. The Barbie film is also set to be made available on streaming services starting from September 12, allowing a wider audience to enjoy the box office phenomenon.