The paper discusses the importance of brand identity (Joachimsthaler & Aaker, 1997) in a social media setting, with the help of the improvisational theater metaphor (Singh & Sonnenburg, 2012). The latter has a great importance in understanding how consumers respond to stories and interactivity, thus leading to co-creation of the brand. A case study in the toy industry is featured to best exemplify the peculiar trait of the category where its audience tends to shift out of from childhood. Barbie and its reunited love campaign in 2011 showed how to be relevant to different target segments with the use of storytelling and digital interactivity. Some challenges and opportunities are discussed further for the toy industry and its widened target audience in the social media scene.