Adaptation is one of the most important aspects of running a successful business. And one of the best examples of a company adapting in the face of quick changes and trends is Hasbro. It can be difficult for an established and successful business to change gears amongst a sea of societal and technological developments. But Hasbro might just be a shining example of corporate flexibility.
What was once a business entirely focused on children’s toys and board games has reinvited itself to provide media entertainment through Entertainment One and allow the re-creation of its famous games, such as the new Monopoly Live casino version
What is Hasbro?
Hasbro Inc is traditionally one of the world’s most famous toy and board game manufacturers. It is headquartered in Rhode Island, and over 80% of the group’s shares are owned by financial institutions. Its toy and boardgame products include recognisable names such as Transformers, Little Pony, G.I Joe, Nerf Guns, Furby, Monopoly, and Power Rangers. With products and games like these, it’s easy to see why Hasbro has become a big player in the children’s department.
However, as the world became more and the popular forms of entertainment switched among younger generations, Hasbro had to re-invent itself. It has achieved this in an array of ways, not least by acquiring Entertainment One and becoming a media outfit and now by developing NFT opportunities.
Hasbro to become a media big hitter.
A large percentage of Hasbro’s target market is children (or their parents). But they recognise that many children don’t go looking and asking for toys as much. With an iPad in hand or sitting in front of a TV, they understand that times have changed for children. This is why they decided to purchase Entertainment One in 2019 for a reported $3.8 billion. Entertainment One is a powerhouse media station best known for its children’s TV show, Peppa Pig. And this isn’t the only example of Hasbro moving into the media world. In fact, the group has over 30 different TV and film deals in the works right now, showing just how much, they are diversifying their portfolio.
Hasbro turning attention to NFTs
A Non-Fungible token (NFT) is a digital asset that represents a real-world asset. Hasbro is looking to consider NFT opportunities in line with digital gaming products like their MTG franchise. This card game could be transported into the digital world is another example of modernising products and services. It could be highly profitable, too, with the best-selling NFT equivalent – NBA Top Shot – attracting over 260,000 customers. Brian Goldner, the CEO of Hasbro, has been on record to declare their interest.