Source: Paramount/Spin Master/the Toy Book

First quarter earnings season continues with strong results coming from Spin Master Corp.

The global toy and entertainment company says that overall revenue in Q1 spiked to $424.2 million, a 34% increase versus $316.6 million in the same period last year. According to the company, 30% of its revenue was attributable to toys. Following the new pattern established last year, Spin Master reports its earnings across three “creative centers” — toys, entertainment, and digital games

“The Toy creative center benefited from strong customer demand for our innovative toy line and our global commercial team continued to manage supply chain volatility to ensure we delivered products on time,” says Spin Master’s Global President and CEO Max Rangel. “The digital games creative center, led by Toca Life World, continued to generate strong engagement and momentum. Our performance this quarter reflects Spin Master’s potential to create magical play experiences for children wherever they are — from the strength of our diversified toy portfolio anchored in franchise brands, partner licenses, and exciting innovation, to our engaging multi-platform entertainment content and our open-ended digital playgrounds.”

Entertainment revenue took a slight dip, attributed to more content deliveries during Q1 2021.

Related: State of the Industry Q&A 2022: Spin Master

Gross product sales for toys spiked 34.9% in Q1 to $397.5 million. Spin Master says that licensed products inspired by Gabby’s Dollhouse, DC Comics, and the Wizarding World of Harry Potter drove demand while the company mitigated supply chain issues.

Looking ahead, Spin Master believes that its gross product sales for 2022 will increase low double digits compared to 2021, up from the mid- to high-single digits previously announced on Feb. 28. Excluding the $26 million in revenue from last year’s release of PAW Patrol: The Movie, the company expects 2022 revenue to increase low double digits as well, up from the previous guidance of mid- to high-single digits.

About the author

James Zahn

James Zahn

James Zahn, AKA The Rock Father, is Editor-in-Chief of The Toy Book, a Senior Editor at The Toy Insider and The Pop Insider, and Editor of The Toy Report, The Toy Book‘s weekly industry newsletter. As a pop culture and toy industry expert, Zahn has appeared as a panelist and guest at events including Comic-Con International: San Diego (SDCC) Wizard World Chicago, and the ASTRA Marketplace & Academy. Zahn has more than 30 years of experience in the entertainment, retail, and publishing industries, and is frequently called upon to offer expert commentary for publications such as Forbes, Marketwatch, the Wall Street Journal, the New York Times, USA Today, Reuters, the Washington Post, and more. James has appeared on History Channel’s Modern Marvels, was interviewed by Larry King and Anderson Cooper, and has been seen on Yahoo! Finance, CNN, CNBC, FOX Business, NBC, ABC, CBS, WGN, The CW, and more. Zahn joined the Adventure Media & Events family in 2016, initially serving as a member of the Parent Advisory Board after penning articles for the Netflix Stream Team, Fandango Family, PBS KIDS, Sprout Parents (now Universal Kids), PopSugar, and Chicago Parent. He eventually joined the company full time as a Senior Editor and moved up the ranks to Deputy Editor and Editor-in-Chief.