From Pizza-Loving Ninjas to Paris' Pups: Inside Playmates' Wild Toy Transformation
By John Besmehn
Senior Writer
Playmates Toys stands at a pivot point in 2026, more like a Rubik's cube that's just had all its sides scrambled by an overly enthusiastic toddler. For decades, the Hong Kong-born toymaker earned its stripes by marrying iconic licensed characters with accessible, imaginative playthings. Think shell-backed heroes and martial arts mayhem that defined countless childhood afternoons (and let's be honest, probably a few adult ones too). But now the tectonic plates under the licensed-toy business are shifting faster than a Power Ranger in mid-morph.
The most seismic development on the horizon? The ending of the nearly 40-year run with Teenage Mutant Ninja Turtles. That license, long a cornerstone of Playmates' identity and financial muscle, will sunset at the close of 2026 when Viacom chooses not to renew it. That's not just a revenue line disappearing; it's a cultural banner the company has flown since 1988, back when pizza was the ultimate food group and "cowabunga" was peak vocabulary.
Compounding this plot twist, Playmates' financials in the first half of 2025 painted a stark portrait: a revenue plunge of nearly 60% and a swing into loss, attributed to softer demand and the absence of big entertainment tie-ins to drive toy sales. It underscores an older truth in licensing: toys don't exist in a vacuum. They dance to the beat of media content, and without a new TV series or movie bolstering visibility, even legendary IP can go quiet on toy shelves faster than you can say "pizza time."
Yet, it wouldn't be fair to call Playmates a relic spinning its wheels in turtle wax. The company has doubled down on telling new stories through toys, proving there's plenty of fight left in this dojo. A strategic partnership with Hasbro on Power Rangers positions it to shepherd a revamped toy line globally starting in 2025, potentially opening doors for cross-generational engagement and expanded categories like role play and accessories. (Because who doesn't want their own Megazord?)
Simultaneously, Playmates is venturing beyond legacy franchises into fresher terrain. A recent multi-year global deal for the animated Paris & Pups series signals a belief that celebrity-powered children's IP, when thoughtfully executed, can give the brand fresh legs in the marketplace. It's a bold pivot from pizza-loving reptiles to Paris Hilton-adjacent puppies, but stranger things have topped the toy charts.
So where is Playmates heading? The short answer is reinvention anchored in diversity of IP, not dependency on legacy alone. The toy industry in 2026 is no longer about being the makers of one perfect figure; it's about being the nimble partners that can integrate with storytelling, global marketing, and cross-media ecosystems where kids and collectors meet. Playmates' future will be shaped by how deftly it navigates a post-TMNT era (cue the nostalgic sighs), leverages strategic partnerships, and anticipates where pop culture's next wave of emotional attachments will be made.
In the contest between holding onto the comfort of what sold yesterday and the creative risk of what could sell tomorrow, Playmates is betting on a mixed deck. One where the next champion might be a pink-and-puppy-powered cartoon just as much as a Power Ranger Megazord. Time will tell whether that gamble becomes playroom gold or another lesson in the mercurial alchemy of licensed toys. But hey, if they managed to convince an entire generation that ninja turtles made sense, anything's possible.
