Lego, the Danish toy company famous for its colorful plastic bricks, expects to diversify its entertainment offerings portfolio, targeting the metaverse. The company is preparing to present a virtual world in partnership with Epic Games, the gaming engine company, to continue increasing its market share and growth streak by entering new digital markets.
Lego to Present Digital World Initiative
Lego, the interlocking toy brick company, is preparing to present details of a metaverse initiative built in partnership with Epic Games, the company behind Fortnite, according to the Financial Times. The move would clarify the future actions of the company toward establishing a presence in virtual worlds, targeting users in digital markets.
The company’s strategy is to continue growing by offering Lego products in such markets, helping users recognize the brand even online. Niels Christiansen, CEO of Lego, talked about the journey the company is taking to reach this new target. Christiansen declared:
We know very well how to immerse consumers into the Lego universe in stores. We’re working very hard to create that feeling of getting into the Lego brand universe also digitally.
Lego grew significantly in the last year, with revenues soaring by 17% compared to 2021, in part boosted by the strong sales in Western Europe and America. Consumer sales also rose by 12% during 2022.