Danish toy giant Lego has now surpassed Mattel as the largest toy manufacturer in the world. According to Time magazine, Lego’s success has been fueled largely by licensing deals with companies like Marvel, DC, Star Wars and the Harry Potter franchise. Therefore it comes as no surprise the billion-dollar company now wants to ‘double down’ on film licenses to further increase sales.
The company announced this week that they have seen an increase in revenues of 11% in the first six months of 2014 with sales amounting to $2.03 billion – slightly more than Mattel who recorded $2 billion in revenue for the same period.
According to the Wall Street Journal, Mattel lost out to Lego because of the decreasing interest in their Barbie brand. Lego capitalized on the hit blockbuster film ‘The Lego Movie’ that released in February of this year to much critical acclaim.
Lego CEO Jørgen Vig Knudstorp stated in a press release that he was not sure how long the movie hype will drive sales. Realizing the success of the motion picture, two new films have been green-lit including one based on their ‘Ninjago’ line slated for release next year, and a sequel to ‘The Lego Movie’ planned for 2017.
Lego may have won the battle against Mattel but the war is far from over… Their recent victory was a slight one, so Mattel still has a fighting chance. Does a Barbie film sound like a good idea?
There have been reports in the media about a ‘Masters of the Universe’ film currently in the works, which would be a reboot of the 1987 film of the same name. With the recent success of ‘Teenage Mutant Ninja Turtles’, Mattel may consider the ‘Masters of the Universe’ franchise to appeal to a more male demographic. If they can make a series of films on these two classic toy-lines, then the California-based company can take the fight straight to Lego.
For now however, Lego is the undisputed King!