Beanie Babies

Beanie Babies are a line of stuffed toys created by American businessman H. Ty Warner, who founded Ty Inc. in 1986. The toys are stuffed with plastic pellets ("beans") rather than conventional soft stuffing. They come in many different forms, mostly animals.

Created in 1993, Beanie Babies emerged as a major fad and collectible during the second half of the 1990s. They have been cited as being the world's first Internet sensation in 1995. They were collected not only as toys, but also as a financial investment, due to the high resale value of particular ones.

History

Beanie Babies were first introduced in 1993 by Ty Warner at the World Toy Fair in New York City, New York. It was not until 1994 that the toys were put into factory production, first being sold in local stores located in Chicago, Illinois, for around $5 U.S. Dollars. There were nine original Beanie Babies, which includes: Legs the Frog, Squealer the Pig, Spot the Dog, Flash the Dolphin, Splash the Whale, Chocolate the Moose, Patti the Platypus, Brownie the Bear (later renamed "Cubbie"), and Pinchers the Lobster (with some tag errors labeled "Punchers"). Since 1994, Beanie Babies cannot be found in larger chain stores, as they continue to only be found in small, specialty stores, such as gift stores and small toy stores.

At first, sales were relatively slow, in that by 1995 many retailers refused to buy the bundles the toys were offered in, while some retailers refused to buy them entirely. Yet, around the same time, Ty Warner made the decision to restrict the amount of Beanie Babies that are produced and distributed by the company. This was done in two ways, the first way by limiting the amount of Beanies Babies a store could buy per month, which was 36 of each character. The second way was by "retiring" the characters after a certain period of time, meaning that production of those specific characters would then cease, while eventually new characters would be introduced. As this created an idea of scarcity surrounding the toys, it in turn led to a significant increase in sales and started the trend of people collecting and reselling Beanie Babies. Their popularity soon grew into a national craze in the US.

In 1996, Ty Inc. released a new product called Teenie Beanies, a miniature cutoff of the original Beanie Babies line. They were sold alongside McDonald's Happy Meals to celebrate that product's 17th anniversary. They also partnered with other companies.

Ty, Inc. stopped producing the product in December 1999, but consumer demand led them to reconsider. Production restarted in 2000 with a Beanie Baby named "The Beginning".

In early 2008, Ty released a new version of Beanie Babies called Beanie Babies 2.0. The purchase of a Beanie Baby 2.0 provided its owner with a code to access an online Beanie Babies interactive website. The website has since been shut down.

Design

Beanie Babies are deliberately under-stuffed. This led to a criticism that the toys looked "cheap"; however, this set them apart from most stuffed animals on the market which could not be posed easily. Ty Warner has said that this understuffing method made the toys look "real".

Another important design element is the tag. Since the beginning, Beanie Babies have included two tags for identification: a heart-shaped "swing tag" at the top, and a fabric "tush tag" at the bottom. Both tags have been redesigned completely over time. Between 1994 and 1996, the swing tags had "To" and "From" blanks in them for use as gifts. Starting in early 1996, the tags include four-line poems related to the Beanie Baby, and a date of birth for the toy. The poem and birthday concept was created by Lina Trivedi who is credited as authoring the poems on the first 136 Beanie Babies that were introduced to the marketplace.

It was not uncommon for Beanie Babies to be accidentally shipped out with incorrect or misspelled tags, which sometimes increased the toy's value. On occasion, the poems, birth dates and even the names have been changed on certain Beanie Babies.

Marketing

Early on, Ty had trouble finding retailers to order Beanie Babies. To get small retailers to stock the product, Ty introduced Beanie Babies at the 1993 Toy Fair in New York City. This event helped garner attention for the set of plush toys. In 1994 small local stores in Chicago, Illinois, began selling Beanie Babies for around $5 U.S. Dollars.

Early in 1995, Ty created the first iteration of the Ty Web site, the first business to consumer website designed to sell products to consumers directly. To go along with the launch of the Ty website in 1995, all Beanie Baby hangtags were printed with the Ty website URL and a new piece of text was added with the company's name and the following message: "Visit our website! ! !" As a result, many consumers visited Ty's website for more information on Beanie Babies. This endeavor would mark the beginning of the Beanie Babies Boom.

Later in 1995, Ty was forced to end production on the popular toy Lovie the Lamb, due to an issue with suppliers in China. CEO Ty Warner came up with the solution to tell retailers that Lovie was merely discontinued, and even suggested that many other Beanie Babies would be discontinued as well. This news would spread via word of mouth, as motivated sellers began to stock up on Ty plush toys while they still could, thus creating a new demand for Beanie Babies. As a result of this artificial demand, consumers began buying Beanie Babies in bulk from the Ty Web site to relist them on auction sites for highly inflated prices.

Collectibility

Beanie Babies began to emerge as popular collectibles in late 1995, and became a hot toy. The company's strategy of deliberate scarcity, producing each new design in limited quantity, restricting individual store shipments to limited numbers of each design and regularly retiring designs, created a huge secondary market for the toys and increased their popularity and value as a collectible.

They systematically retired various designs, and many people assumed that all "retired" designs would rise in value the way that early retirees had. The craze lasted through 1999 and slowly declined after the Ty company announced that they would no longer be making Beanie Babies and made a bear called "The End". Some time after the original announcement that the company would stop production, Ty asked the public to vote on whether the product should continue; fans and collectors voted "overwhelmingly" to keep the toys on the market.

At its height of popularity people would flip Beanies for as much as ten-fold on eBay. Indeed, at the height, Beanies made up 10% of eBay's sales. Some collectors insured their purchases for thousands of dollars.

Following are key factors that contributed to the collectible nature of Beanie Babies:
* Unique creative elements – each product contained a unique birthday and poem that was printed on the tag of every Beanie Baby
* Supply/demand – Scarce availability fell short of the product demand
* Availability – Beanie Babies were initially only sold in individually-owned small gift and specialty shops
* New releases / retirements – Several times a year, Beanie Babies would retire and the production of those characters would cease, to make room for new designs

Warner was keenly aware that the Beanie Babies bubble could burst and eventually started requiring retailers who sold Beanies to also stock other product lines by his company if they wished to continue selling Beanies. None of these lines did as well as Beanie Babies, although they kept the company alive after the fad ended, and eventually some became successful in their own right.

Internet

Ty, Inc. was the first business to produce a business to consumer website designed to engage their market. This is a major contributing factor to the early and rapidly growing popularity of Beanie Babies. By the time the first iteration of the Ty Web site was published in late 1995 by Lina Trivedi, only 14% of Americans were using the Internet. In tandem with the launch of the Ty Website in 1995, all Beanie Baby hangtags had the Ty Website URL and a call to action printed underneath the poems and birthdays that commanded audiences to visit the company website with text that read: ''Visit our web page!!!'' As a result, hordes of consumers were visiting the Ty website to gain information about Beanie Babies which was unprecedented. Ty is the first business to leverage their website to connect and engage with consumers of their products. This effort evolved into the world's first Internet sensation.

Princess bear

Diana, Princess of Wales died in August 1997. Warner announced a purple Beanie Baby bear named "Princess" in October 1997 in honor of Princess Diana.

Counterfeit Beanie Babies

Counterfeit Beanie Babies began to surface in 1997. Early on, cheap knock-offs and fakes of common Beanies were widely available at discount prices.

Cases

Authorities cracked down on counterfeit Beanie Babies in the late 1990s. People were prosecuted for their involvement in the commerce of counterfeit Beanies. In 1998, UK authorities seized more than 6,000 counterfeit Princesses and Britannias. In 1999, a Minnesota man was imprisoned, fined, and put on probation for involvement in smuggling counterfeit Beanies.

Media

During the wake of Beanie Babies' success, Beanie Baby-centric publications were issued. One of the largest was '' Mary Beth's Bean Bag World'', a monthly magazine dedicated to Beanie Babies and competing plush toys. It ran from 1997 to 2001.

A documentary film about Beanie Babies, titled ''Beanie Mania'', was released on December 23, 2021, on HBO Max.

Licensed Beanies

In the late 2000s, Beanie Babies modeled after characters from popular children's franchises by Nickelodeon, DreamWorks and Paramount began appearing. These included characters from cartoons on the Nickelodeon television channel such as ''SpongeBob SquarePants'', ''Dora the Explorer'', ''Blue's Clues'' and ''The Backyardigans'', as well as characters from DreamWorks Animation movies such as '' Shrek the Third'', and 20th Century Fox's '' Ice Age: Dawn of the Dinosaurs''. Beanie Babies have been produced for characters from '' Legend of the Guardians: The Owls of Ga'Hoole'' and ''Guardians of Ga'Hoole'' book series, ''Scooby-Doo'', Hello Kitty, and ''Peanuts''. Recently Beanie Babies modeled after Disney characters have been created, including Mickey Mouse, Minnie Mouse, Winnie the Pooh, and Olaf from '' Frozen''. In addition, they have produced toys based on characters from the Disney Junior TV series ''Doc McStuffins'', Pixar films like '' Cars'' and '' Finding Dory'', and Marvel Comics superheroes. They have recently partnered with Universal Pictures, Sony Pictures Animation, and Hasbro for characters from franchises such as ''Despicable Me'', ''Sing'', ''My Little Pony'', and '' The Emoji Movie''. Beanie Babies have expanded their Nickelodeon lineup with characters from '' PAW Patrol'', '' Teenage Mutant Ninja Turtles'' and ''Peppa Pig''.

In pop culture

In 2021, Beanie Babies was the season 1, episode 4 feature on Vice Media's ''Dark Side of the 90's'' entitled "Beanie Babies Go Bust".

In recent news

In April 2020, H. Ty Warner pledged that 100% of profits from the sale of a limited edition Beanie Baby bear named "Hope" were to be donated to the United Way Worldwide COVID-19 Fund. On March 2, 2022, Warner declared all profits from the sales of Beanie Babies during the month of March would be donated to Save the Children, an organization providing emergency assistance to those in Ukraine.

Warner has donated over $300 million to various charities since the start of the company. Most recently, 100% of profits from a newly released "Max" the dog Beanie Baby will be donated to NEXT for Autism.

See also

* Beanie Babies 2.0
*Cabbage Patch Kids
* Chia Pet
*Economic bubble
* Non-fungible token
* Pet Rock
* Puffkins
* Sock monkey
* Tulip mania
* Uglydoll

References

External links

Ty official website

Database of Beanie Babies

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1990s fads and trends
1990s toys
2000s toys
2010s toys
American children's websites
Products introduced in 1993
Stuffed toys
Toy animals
Toy collecting
Virtual pets
Economic bubbles