Nintendo famously switched gears when they came to the US and saw that the US Playing Card Company wasn't exactly living the high life. Nintendo's executives realized that if the largest playing card company in the US wasn't going to be super successful, then what chance did they have in a country with a smaller customer base?Nintendo started as a playing card company. Companies change industries often enough:
They radically re-oriented their company from that, but even then it took decades of experimental commercial enterprises and reinvention before they landed on video games and realized that was their golden ticket.
That's quite a different situation from Hasbro being a toy manufacturer and wanting to still be a toy manufacturer while also wanting to be a Marvel or DC or WB or whatever.
I mean...look at Marvel. I'm talking pre-Disney. They stumbled with the "we're an IP company" thing. They licenced their properties out to a number of different studios. Some of those deals worked, some didn't, but Marvel was basically just a licensing farm for movies.
They took a huge risk with Iron Man, because it was the first Marvel Studios film. It didn't licence Iron Man out to someone else, it was a Marvel movie made by a studio owned by Marvel. And that let them set the Avengers/MCU franchise up. The success of the Iron Man movie is when Marvel truly became an IP company.
Hasbro has Allspark Studios, but everything they're involved with is essentially what Marvel was before Iron Man. There's no blockbuster movie franchise that's 100% them. Transformers and GI Joe movies? Produced by Paramount. Battleship, Ouija, and Jem? Produced by Universal. The one thing that's hit theatres that they've both been involved with and seems to be a mostly in-house thing was the MLP movie. Which, hey, it made money! But that's still a far cry from Iron Man in 2008.
Basically what I'm getting at is that if Hasbro wants, truly wants, to make that transformation (ha!) they have to put out something that's an in-house production. Not something they just licence to Paramount or Universal. And that's hard. And expensive.
And given the above list of projects they have licensed out...yeesh. Maybe Hasbro's IP catalogue isn't strong enough for them to make a go at it on their own? Maybe Hasbro's best hope, if they want to be more than just a toy company, is to be acquired by a WB or Disney or Universal or Paramount outright?