The success of the Barbie and Transformers movies this summer set high hopes for toymakers. But it turns out, kids would rather watch movies about toys than actually play with them. 

Hasbro, home to Play-Doh, Monopoly and Transformers action figures, this week said it will cut about 1,100 jobs, on top of 800 lay-offs that have already taken place this year. Combined, this would represent a 29 per cent decrease in the company’s global workforce. The move is expected to generate $100mn in annual cost savings. But its main challenge — namely how to compete against video games, smartphones, streaming services and other electronic devices — remains.

The Nerf gun maker is under pressure to cut costs as it faces a slowdown in sales following a surge during the coronavirus pandemic. Inflation-weary consumers are reining in discretionary spending, including on toys.