Nilay Patel

It's maybe less obvious from the outside.

But the idea that toys are now a thing that adults buy and collect and play with and adults have a lot of money so the toys can get more expensive, that's pretty new in this industry.

It's not so new that it's like a surprise, but it's new in terms of how a company like Hasbro would conceive of itself.

What's the balance there?

Because I think there's a lot of criticism that while making this stuff for adults is really lucrative and you might lose sight on the kids who are the primary audience for the toys.

I'm curious about that shift broadly.

One, I think just the demographics you outlined are true.

And it's really interesting.

You know, I have a seven-month-old.

And it's just interesting to see what toy brands exist now that didn't exist for our seven-year-old, right?

So even in that space of time, just seven years, you see some brands have just left this market behind and there's some new brands that exist now.

And then, you know, there's things like Cocomelon, which when my seven-year-old was a baby was pretty nascent and is now this juggernaut.

And I'm curious if you see the dynamics there changing.

You talked about digital experiences.

Do you see more, like at Hasbro classically when I was a kid in the 80s, it would advertise toys during Saturday morning cartoons.

And this is where you would like find the customer.

And now it's like a bunch of weird YouTube slop.

Is that the space where the new toy brands are going to come from and you're just not willing to play there quite as much?

Or is the dynamic of the industry changing more aggressively than that?

Can I ask you about K-pop Demon Hunters?