Marketing Culture

Mattel’s IP Play: How The Toymaker Is Turning Into an Entertainment Powerhouse

Hannah Bowler dives into Mattel’s slow, deliberate shift from selling toys to building franchises – and asks its head of licensing and partnerships, Ruth Henriquez, about the decision of betting on fans, fast collabs and decades of nostalgia to make the model stick.

Mar 27, 2026

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For 80 years, Mattel has been thought of as a toymaker. But under the helm of chief executive officer Ynon Kreiz, the company is in the midst of restructuring itself into an IP-led entertainment company.

Ruth Henriquez, head of licensing and partnerships at Mattel, admits there is still a way to go on that transformation, but after three years Ynon’s strategy is becoming a reality.

“There is still a lot that we need to do. There is a lot of effort and a lot of investment to make sure that we move from being perceived as a toy company to being perceived as an entertainment company,” Ruth says on The Subthread’s Brandmakers podcast.

Brandmakers with Ruth Henriquez, head of partnerships and licensing at Mattel

Listen on Spotify Listen on Apple Music Watch on YouTube Welcome back to the Brandmakers podcast, where Hannah is joined by Ruth Henriquez who is head of licensing and partnerships at Mattel overseeing the IP for brands like Barbie, Hot Wheels, Uno and Masters of the Universe. In Mattel’s post-Barbie movie era, the company is shifting from a product-led business model to an IP-led one. At a time when advertisers are all finding ways to be ‘entertaining’ Mattel’s strategy is worth paying

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