Since Mattel has been struggling to increase its profits amid the increasing growing digital market, the global toy giant famously known for its Barbie dolls is planning to salvage its slumping profits with talking Barbies. Through Barbie's talking edition called, "Hello Barbie," the toy company is hoping it will boost their sales as they slowly adapt to the ever-evolving trends and technology.

Mattel is the world's undisputed toy industry leader until iPads, robotic pets and interactive Yoda dolls came. In recent years, the Barbie doll manufacturer has faced tougher competition from newer and nimbler upstarts that can more easily adapt to technological trends. It also faces the loss of one of the company's most lucrative licensing deals, Disney Princess, New York Times reported.

Currently, Mattel is under pressure to show investors that it can be as innovative and quick-to-market as the competition increasingly intensified.

"Clearly, we have our work cut out for us," Mattel's Chief Operating Officer Richard Dickson said Thursday.

Dickson is also optimistic for some of the company's core brands including Mega Brands and Hot Wheels, as well as some of the company's initiatives and advertising campaigns, which increases the Mattel's confidence to cover the revenue hole the Disney Princess will leave.

Mattel's CEO Christopher Sinclair also mirrors Dickson's optimism, saying that the company's turnaround is on track.

"We're where we'd thought we'd be, and making good progress," Sinclair said, as per Bloomberg Business. "Some parts are a little harder to get done, but on balance it's pretty solid."

Since Mattel's licensing deal with Disney Princess expires next year, smaller rival Hasbro Inc. has reportedly won the license to make Disney Princess dolls, including those based on the movie, "Frozen." According to Reuters, Hasbro will start selling the toys in January.

Meanwhile, Mattel plans to introduce Hello Barbie, an interactive, Wi-Fi-connected doll that will retail for $75, in November.