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The advantage to Mattel is clear—it hopes to capture kids by offering them the next big thing. Google's Cardboard product director, Mike Jazayeri says that Google "wants to make virtual-reality accessible to everyone," and by hooking up with an established toy brand with recognizable characters, it can reach a broader, younger audience than through its Cardboard headset.

In order to recapture their audience, Mattel must refocus on product development. Other toy companies have done a better job of developing new products for their existing customers with toys such as robotic pets or interactive educational video games. Mattel will need to adapt to the 21st century if they want to become a competitor in the toy industry once more.