Like PAW Patrol, Spin Master is on a roll.
The company checked in with its fourth quarter and full-year 2024 earnings this afternoon, bucking the trend with revenue hitting $2.2 billion last year, an increase of 18.8% over 2023. Melissa & Doug contributed $374.7 million to the total take. In Q4, the company’s revenue spiked 29.1% to $649 million, including $136 million in Melissa & Doug revenue.
Spin Master, which reports its business under three “Creative Centers,” says that revenue in Toys increased 25.9% followed by a 16.6% decline in Entertainment and a 5.4% dip in Digital Games.
"I'm proud of our team's relentless commitment to creating magical play experiences by launching excitement and innovation in the toy category, enhancing customization and value in digital games, and producing engaging entertainment content that resonates with audiences globally. These collective efforts helped us achieve our 2024 Gross Product Sales and Revenue expectations. We are pleased with our progress in integrating Melissa & Doug, which had a strong year, generating growth with new product launches and expanded distribution. Looking forward, we are excited about our formula for growth across all our Creative Centers, including innovation and licenses within Toys, a positive trajectory in Digital Games driven by Toca Boca World and Piknik, and our strong Entertainment content pipeline, all in support of our goal of igniting kids' imaginations and driving and sustaining long-term, profitable growth to maximize shareholder value."
The company also improved in other metrics, showing positive results in its balance sheet.
Looking ahead, the company issued guidance for 2025 anticipating a 4-5% growth in gross product sales with an overall revenue increase of 4-6% compared with 2024.
The company plans to hold an earnings call with management tomorrow.
