Despite toymaker Hasbro's recent push into film and TV production, CEO Chris Cocks announced the upcoming release of Transformers One during the company's quarterly earnings presentation on Thursday.
Transformers ONE Movie Toys Power Flip Optimus Prime & Orion Pax Robot Figure Review
After a dip following last year's Transformers: Rise of the Beasts, sales of the franchise are expected to pick up in the weeks leading up to Paramount's Sept. 20 release of the new installment. Transformers One, an animated origin story, generated positive buzz after premiering as a work-in-progress at Annency Animation Fest in June.
"Everything we have from the initial screenings and tracking is that this movie is going to be a real fan favorite, with some nice legs in families," Cocks said. "We think it's going to sell a lot of toys, like Transformers movies tend to do."
Despite the hype surrounding Transformers One, this is a new era for Hasbro. The company signaled as much when it sold eOne to Lionsgate last year for $375 million, saying it would limit its investment in film and TV production and instead focus on gaming and consumer products, some of which have ties to Hollywood. The company’s quarterly results reflected that decline, with entertainment revenue down 90% year over year to $18.8 million, but growth in other areas and cost cuts within the company fueled better-than-expected financial results. Hasbro shares rose 6% in early trading following the quarterly report.
