To celebrate the 20th anniversary of Spin Master, and to recognize our relentless drive to push the boundaries of innovation, creativity, and fun, we created this documentary looking back at our exciting journey.
Spin Master was founded in 1994 by two childhood friends, Ronnen Harary and Anton Rabie, soon after graduation from The University of Western Ontario. Ben Varadi, a classmate of Anton's from The University of Western Ontario's Richard Ivey School of business, joined the Company subsequently in 1994.
Spin Master has achieved significant growth over the past two decades, transforming itself from a small, single-product toy company into a leading global, diversified, multi-platform and highly innovative children's entertainment company. The business has progressed through key stages, from start-up growth, building the base, Bakugan growth, refocusing to diversified growth, and now operating across all toy industry super categories.
In 1998, Spin Master launched its Air Hogs brand, the first products designed to be easily flown by children and required limited assembly. The brand came to the company from two British inventors based on an innovative design involving a miniature engine powered by compressed air. Air Hogs has come to represent affordable, technologically-advanced, and innovative vehicles with hobby-grade remote control performance, designed and priced for the mass market.
From 2002 - 2007, Spin Master expanded its international footprint, establishing sales and distribution offices across western Europe. The company also opened its Los Angeles marketing and design hub, allowing the company to access deep local toy design, marketing, and engineering talent. During this time of growth, Spin Master made its first significant acquisition, acquiring X-Concepts, Inc, maker of Tech Deck. This growth allowed expansion of the company's licensing capabilities and relationships with major entertainment companies. In late 2007, Spin Master launched the most successful product in its history, Bakugan. The Bakugan brand started out as an inventor's sketch of a ball that could be opened up to reveal a character inside. The brand immediately attracted a large following among five to ten-year old boys and the richness of the Bakugan characters, story and game play provided Spin Master the opportunity to extend the brand with the co-development of a global animated television series.
But as Bakugan approached the end of its product lifecycle and the company experienced a significant decline in sales, it needed to take swift action to rightsize the business, and reorganize and reduce operating risk. The roles of its founders were refined, and the company strategically complemented its executive management team with the addition of executives, including a new Global President and Chief Operating Officer, Ben Gadbois. These swift actions put Spin Master back on course for growth.
Today, the company has resumed its history of growth, with a renewed focus on diversification and increased operational and financial discipline. It has expanded into a number of new toy categories, organically and through acquisitions. The company's acquisition of Spy Gear expanded the company's offering in boys action and outdoor toys; the acquisition of Meccano provided an entry into the building sets category; and, the acquisition of Cardinal Games has made Spin Master the #2 manufacturer in the games & puzzles category in North America.
In July 2015, Spin Master completed its public offering and began trading on the Toronto Stock Exchange.
Since 2000, Spin Master has received 103 Toy of The Year (TOTY) nominations with 28 wins across a variety of product categories, including 13 TOTY nominations for Innovative Toy of the Year, more than any of its competitors. Spin Master has been nominated for more Innovative TOTY awards than any other toy company.
The company's continued investment and support of its entertainment division has also yielded meaningful results. To date, Spin Master has produced six television series, including the 2007 success, Bakugan Battle Brawlers, and current hit PAW Patrol, which is broadcast in over 160 countries and territories globally.
When Spin Master began to chart its course in the children's entertainment industry, the founders recognized that in order to compete successfully with the established brands of larger companies, they had to design and market innovative products that would "wow" consumers and disrupt the traditional toy market. With the inspiration of its founders, who remain actively engaged in the business, Spin Master has maintained a deeply rooted culture of creativity, partnership, and passion.
Pushing the boundaries of innovation, creativity, and fun!
#SpinMaster #PushingBoundaries #20Years
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