Hasbro
How a toy company realised its brands were worth more as movies and TV shows than as products on shelves — and rebuilt itself around IP licensing.
Hasbro manufactured toys and games since 1923. The company owned simple physical products. Monopoly boards, action figures, trading cards. The business was seasonal and cyclical. Toy sales spiked dramatically during holidays and faded otherwise. Revenue depended on shelf space and parent purchasing decisions made in stores. Hasbro realized something that transformed its economics. The intellectual property behind toys had infinite value beyond physical products. Dungeons and Dragons licensed to tabletop publishers. Transformers became film franchises. Magic the gathering-powered tournaments. Monopoly appeared on apparel and products. Hasbro became an IP licensing company that happened to manufacture toys.
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