Even with kids buried in their digital worlds, Lego’s tens of billions of little plastic bricks keep flying off the shelves.
Driving the news: The world’s biggest toymaker posted another banner year in 2024, with revenue rising 13% to US$10.8 billion — even as the rest of the toy industry declined. Lego has nearly doubled its annual revenue from 2019.
- The company expanded its product line by 46% last year to 840 sets, and has begun catering more of them to female and adult customers.
Why it matters: Lego’s product is a blank canvas for collaborations — and it’s taken advantage of it. By working with the likes of Star Wars, Ikea, and Formula One, the company has successfully tied its products to some of the most popular brands in the world.
Zoom out: While other toy companies compete with video games for kids’ attention (and parents’ wallets), Lego is actually producing its own and has worked with hit games like Minecraft and Fortnite.
- On top of games and mobile apps, the company has animated TV series, a Pharrell Williams biopic, and its own movie franchise that made US$1.1 billion at the box office.
Big picture: In 2023, Lego was close to making more money than its top two competitors — Hasbro and Mattel — combined. With an IP as valuable as any in the entertainment world, CEO Niels Christiansen says the real comparison at this point is Disney.—LA