EL SEGUNDO, Calif. - Mattel, Inc. (NASDAQ: NASDAQ:MAT), known for its vast portfolio of iconic brands, has announced a multi-year strategic partnership with Outright Games, a leading publisher of family-friendly interactive entertainment. The collaboration will kick off with the launch of three new console and PC games: "Matchbox™ Driving Adventures," "Monster (NASDAQ:MNST) High™: Skulltimate Secrets™," and "Barbie Project Friendship™," all set for release by the end of this year.
The partnership aligns with Mattel's strategy to enhance its digital presence in the gaming sector by utilizing its well-known brands to create immersive experiences for a global audience. Mattel Digital Games recently celebrated reaching 48 million monthly active players, a testament to the success of titles such as "Barbie DreamHouse™ Tycoon" and "Hot Wheels Unleashed™ 2: Turbocharged."
Mike DeLaet, Global Head of Digital Gaming at Mattel, emphasized the company's drive to offer innovative digital gaming experiences that will expand its franchises globally. He highlighted the importance of selecting the right partners for this venture, expressing enthusiasm for the new relationship with Outright Games.
Stephanie Malham, Managing Director at Outright Games, also commented on the partnership, noting the company's excitement to combine their expertise with Mattel's cherished brands to create accessible video games for fans of Barbie, Monster High, and Matchbox.
Outright Games is recognized for producing high-quality games suitable for family enjoyment, making them an ideal developer for bringing Mattel's franchises to the gaming world. The upcoming games promise a variety of experiences, from competitive driving adventures to narratives that promote teamwork and friendship.
Further details regarding the individual game features and specific release dates will be disclosed in the upcoming months. This partnership marks a significant step for Mattel as it approaches its 80th anniversary, aiming to broaden its digital footprint and connect with fans through more platforms.
The information in this article is based on a press release statement from Mattel, Inc.
InvestingPro Insights
As Mattel, Inc. (NASDAQ: MAT) forges ahead with its digital gaming initiatives, the company's financial health and market performance remain a key interest for investors. According to InvestingPro data, Mattel's market capitalization stands at $6.27 billion, reflecting its substantial presence in the toy industry. The company's Price to Earnings (P/E) ratio is 21.92, which, when adjusted for the last twelve months as of Q1 2024, slightly decreases to 20.68. This suggests investors are willing to pay a premium for Mattel's earnings, potentially due to its strong brand portfolio and strategic initiatives like the recent partnership with Outright Games.
Two notable InvestingPro Tips for Mattel include a perfect Piotroski Score of 9, indicating a very healthy financial situation, and the expectation that net income will grow this year, which could be a result of expanding into the digital gaming market. However, investors should be aware that seven analysts have revised their earnings expectations downwards for the upcoming period, which could signal caution.
InvestingPro also highlights that Mattel's stock generally trades with low price volatility, providing a degree of stability in an investor's portfolio. Additionally, the company's liquid assets exceed its short-term obligations, which is a strong indicator of financial resilience. For those interested in further insights, there are additional InvestingPro Tips available on the platform, which can be accessed with the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the upcoming release of three new games and a strong financial foundation, Mattel appears to be on a promising trajectory. As the company continues to innovate and expand its digital offerings, these metrics and insights from InvestingPro will be valuable to investors monitoring Mattel's progress.
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