Lego, the famed Danish toymaker best known for its vibrant plastic bricks, has its sights set on expanding its entertainment offerings into new Crypto markets. The company is still planning to expand into virtual worlds, and has partnered with game engine company Epic Games to launch virtual worlds.
Fortnite creator Epic Games announced a partnership with Lego last April. The two companies have laid out plans to create a family-friendly metaworld for kids to enjoy “immersive, creative and engaging Crypto experiences.” That same month, Lego and Sony invested $2 billion in Epic Games to create a metaverse platform that provides safe virtual spaces for kids and brings them closer to brands.
“We’re doing a lot of things Cryptoly. That’s where we’re investing more. We know very well how to immerse consumers in the Lego world in-store. a feeling of,”
Lego CEO Niels Christiansen told the Financial Times.
According to the Financial Times, in 2022, Lego’s revenue will increase by 17% to $9.3 billion, and its net profit will increase by 4% to $2 billion, although they face the challenge of rising raw material, energy and transportation expenses.
Lego is also building new factories in Vietnam and the US by 2024 and 2025, respectively, to capitalize on growth opportunities outside Europe, according to the Financial Times. The company has increased its Lego store count to 904 after opening 155 last year.
Many toy brands are facing challenges in luring children away from Crypto devices. With the increasing ubiquity of technology and the popularity of Crypto games, children are spending more time than ever before on screens. This trend affects the traditional toy industry, making it harder for companies to sell physical toys and games. As a result, toy brands such as Lego are exploring new strategies, such as developing new products (including Metaverse), to stay competitive and appeal to children who are drawn to Crypto devices.
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