Steve Adolph, the new CEO at PlayMonster, shares insight on acquisitions, licensing partnerships, and continued expansion in the gaming space in this extended edition of The Toy Book’s 2023 State of the Industry Q&A roundtable. Want more insight from the all-stars of the toy industry? Click here to explore this year’s lineup!
The Toy Book: Acquisitions and licensing partnerships have fueled a lot of growth for PlayMonster in recent years. How will that continue in 2023?
Steve Adolph: We do have a lot of licenses and partnerships continuing in 2023. We’re very excited to partner with Hasbro to relaunch Weebles. The classic and beloved toddler toy line brings nostalgia to parents and the innovative and updated characters and sets will really engage young children. Another popular license, Disney, will continue with 2023’s Disney 100th anniversary celebration. We’ll have that in a number of brands and products, including an updated Disney 100 look for our Disney Trivia game that was sold out toward the end of last year. We have many other licenses spread throughout our portfolio, such as Bluey in our time-tested Spirograph and Colorforms brands.
TB: Sustainability and environmental awareness have become increasingly important to both the toy business and to consumers. How is PlayMonster incorporating sustainability into its product lines?
SA: Sustainability begins with design. We’re making it a priority to keep sustainability in mind as we look at concepts and develop new products, making sure existing plastics are recycled into products. We also look at packaging and strive to avoid using non-biodegradable plastics, minimize packaging materials to minimize waste, and ensure packaging is easily recyclable.
TB: How is PlayMonster innovating in the gaming space?
SA: Innovation in games comes in many forms, and we’re exploring all of those this year. For example, we’re launching new party games — 5 Second Rule Relay; Okay, Genius; and Rock Band, Race Horse to name a few — that feel familiar in their play, but have twists to add excitement. In kids’ games, we’re looking at hilarious combinations — Pigs on Trampoline is one that we’re very excited to launch.
TB: How does Toy Fair moving from February to September impact your business, and what’s your take on the trade show shift?
SA: With New York Toy Fair moving to September, it aligns us better with the buyers’ timetables and allows us to be more prepared to show the upcoming year’s line and have ample time to act on their feedback. For mid-tier and specialty retailers, we’ll continue to participate in other trade shows that better fit their timing. We’re very excited to share and show products live again, and we’ll meet the buyers wherever they are.
TB: What are your predictions for the state of the toy industry for the months ahead?
SA: We believe that 2023 will bring a return of some normalcy to the toy industry. Families will always be looking for fun away from the screen. Even if the economy faces some headwinds, toys and games are such great value. Beyond toys and games, crafting and creative expression never go out of style, and social media does more every day to allow makers to share their creations. Our Ann Williams lines like Loopdedoo and Craft-tastic fit in here perfectly and are fun activities for a wide range of ages.
A version of this Q&A was originally published in the 2023 edition of The BIG Toy Book. Click here to read the full issue! Want to receive The Toy Book in print? Click here for subscription options!
