Strategic Pivot Gains Traction#

Hasbro clinched a global licensing deal with Netflix on Tuesday for "KPop Demon Hunters," the streaming platform's most-watched film ever, marking a decisive validation of HAS's strategic shift toward content-driven consumer products. The announcement, disclosed simultaneously across Deadline, Reuters, and CNBC, positions Hasbro and competitor Mattel as co-licensees for a sprawling merchandise ecosystem centered on Netflix's franchise, which has amassed 325 million global views and 8.3 billion soundtrack streams since its June debut. For investors tracking Hasbro's 2024 turnaround—which delivered a stunning 730 basis point gross margin expansion and a return to operating profitability—this deal crystallizes management's thesis: licensing revenue offers cleaner, faster margin accretion than traditional manufacturing.