Source: Spin Master

The company behind the PAW Patrol is on a roll.

Spin Master Corp. scored some big wins in the second quarter with a 29.6% increase in global revenue to $506.3 million, up from $390.8 million in Q2 last year. Spin Master, which reports in three segments dubbed “creative centers,” says that its core toy business led the charge with a 34.1% increase followed by a 9.2% spike for digital games and a 3.3% increase in entertainment revenue.

“We are very pleased with our strong revenue growth this quarter across all three creative centers amidst a shifting macroeconomic environment,” says Spin Master’s Global President and CEO Max Rangel. “Our toy business continued to grow ahead of the industry with the strong performance of our diversified toy portfolio including innovative intellectual property (IP), evergreen franchise brands, and popular licensed partnerships. Looking to the balance of the year, we remain confident in our ability to execute our strategy of reimagining everyday play for children globally, powered by our deep expertise across toys, entertainment, and digital games. We believe we are well-positioned to manage through external market dynamics to deliver profitable growth and long-term shareholder value while continuing to invest in growth initiatives.”

In the toy category, the only area that saw a decline in Q2 was outdoor, largely driven by the sale of much of that business earlier this year.

Related: Spin Master Gets Into the Game with Sony in Multi-Year PlayStation Licensing Deal

Spin Master says that much of the spike in toys was driven by some pull-forward and early orders by retailers looking to avoid out-of-stock situations in the back half of the year. In-app purchases for Toca Life World and new distribution for PAW Patrol helped drive gains in digital gaming and entertainment, respectively.

Amid the strong earnings report, Spin Master declared a dividend on its stock to be paid out this fall. Looking ahead, the company expects to see low double-digit growth for 2022.

This summer has been a big one for Spin Master with a robust slate of deals and announcements, including next year’s Vida the Vet animated series; the hiring of a former EA exec to bolster its digital business; a licensing deal with Sony PlayStation; and a deal with Disney to create toys based on Firebuds.

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.