Spin Master: Canadian Toy Maker Becomes .a Global Children's Entertainment Company .

Here's a business success story that will inspire you. After graduating from univensity, two young Canadian entrepreneurs named Anton Rabie and Ronnen Harary formed a company called Spin Master and were later joined by a third co-founder, Ben Varadi. They started selling a fad product called Earth Buddy and managed to secure some significant sales and distribution. Never heard of it? Like all fads, it had its moment in the sun, but eventually those sales dried up, It was a nylon stocking, filled with sawdust, made to look like a head. It was topped with grass seeds that grew to look like hair. For a recent example of big fad, think of the fidget spinner craze. This initial success gave these entrepreneurs firsthand experience with real-world sales, manufacturing, finance, and accounting in an accelerated time frame as they scrambled to meet demand. Mistakes were made but lessons were learned, and their passion and energy were richly rewarded. In fact, at the beginning of 2018, Spin Master purchased Gund, a 12-year-old stuffed toy brand for $79.1 million, which marked the ninth acquisition in a three-year span, At the time, Anton and Ronnen were also being recognized on a list of the top 100 wealthiest people in Canada with an estimated net worth of $1.64 billion dollars each.

So how did they go from Earth Buddies to buying iconic toy brands? Well, have you heard of Paw Patrol or Hatchimals ? Did you play with Air Hogs or Bakugan when you were younger? Have you recently purchased a Luvabella doll for your niece? Do the words Meccano and Zoomer mean something to children in your home and neighborhood? If you said yes, you have part of your answer, If you said no to all these questions, than where have you been'? Let's dig deeper into the ful story.

Then and Now: Evolving Models

Spin Master was founded approximately 25 years ago with one product and a dream. Today it employs over 1500 people globally with offices in Canada, the United States, Mexico, France, Italy. the United Kingdom, Slovakia, Poland Germany. Sweden, the Netherlands, China, Hong Kong Japan, Vietnam, and Australia.

Long-term success in any industry demands the ability to evolve and to find new ways to satisfy customer needs. In some ways, this task has become more difficult l as modern technologies are altering buying patterns and leaving many established companies struggling to survive. in other ways, this task has been greatly enhanced by modern technology. For example, today we have YouTube influencers like Ryan, a six-year-cld toy-tester, with a following of 10.2 million subscribers and more than 17 billion uploads of his toy reviews. Spin Master learned with this young millionaire (He and his parents made more than 14 milion in 2017 alone to promote Soggy Doggy in a 10-mmute video, That video was Viewed Six Million times in just two months right before the peak holiday season

These entrepreneurs have built an organization with the ability to pivot and thrive in changing times. Span Master has received 92 Toy of The Year (TOTY) nominations and has 21 wins across a variety of product categories. As if this kind of SUCCESS Was Not enough, Spin Master has branched out into the production of television series, including shows such as Bakugan, Battle Brewers, and the current big hit PAW Patrol, which is broadcast in more than 160 countries and territories.

The Future

Spin Master is no longer just a toy company. It describes itself as "a leading global children's entertainment company that creates, Designs. manufactures, licenses and markets 4 Diversified portfolio of innovative toys, games, products and entertainment properties." It's a good thing too. The toy industry is under tremendous pressure with more and more children asking mom and dad for smart-phones rather than stuffed animals at younger ages. The recent shutdown of the iconic Toys "R" Us outlets in the United States is yet another sign of the times. Although much of that failure is due to the shift toward online sales, in favor of companies like Amazon, industry experts have estimated that this closure may further reduce toy sales by 10 percent in the United States, The future of Toys "R" Us in Canada is also unclear So what does the future hold for Spin Master? Time will tell, but with their track record of success and their diversification experience, they Clearly have the will to fight and the capacity to meet new challenges.

Please help me in these following questions

1) Describe what is the Spin Master's business product?

2) Describe the initial growth and financial success of Spin Master?

3) How big the company has grown since it was founded?

4) What became the primary reasons for success of Spin Master?

5) Describe the company's innovations to continue grow in changing times?

6) What makes Spin Master to describe itself as "a leading global children's entertainment company"?

7) What are the greatest challenges facing Spin Master today?

8) What features of the Canadian economy helped make Spin Master's success a reality?

9) What does the company need to do to thrive for another 25 years or more?

10) Suppose this success story inspires you to be a future entrepreneur, what business idea in these lines you may pursue?

Answer rating: 100% (QA)

1 Spin Masters business product is a diversified portfolio of innovative toys games products and entertainment properties for children This includes popular brands such as Paw Patrol Hatchimals Air Ho... View the full answer