The world’s biggest toymaker is closing in on making more money than its top two competitors, Mattel and Hasbro, combined.
Driving the news: Lego has navigated a broader slump in the toy industry to post record-high revenue and operating profits in the first half of this year. Both measures, respectively up 13% and 26% compared to last year, have doubled since 2020.
Why it matters: Lego has redefined what it means to be a toymaker in the iPad-kid era. With the Lego IP now tied to movies, TV shows, video games, theme parks, apps, and more, the company has become more of an entertainment giant than a plastic brick seller.
- The Lego Movie franchise alone raked in over US$1.1 billion, its Legoland theme parks are now in 10 different countries, and the company has brought in a wave of new video game-savvy customers thanks to its tie-up with Fortnite.
What’s next: The company now has its sights set on media industry leaders like Disney and Universal. It’s already collaborated with the DC superhero, Star Wars, and Harry Potter franchises and is hitting the big screen in October with Pharrell Williams’s Lego biopic.—LA