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After stacking on another six months of rapid growth, Lego is now the largest toy company on the planet.
The Danish block-maker on Thursday announced that revenues increased 11% in the first half of 2014. Total sales hit $2.03 billion, narrowly beating out Mattel’s $2 billion in revenue over the same period.
As the Wall Street Journal reports, Mattel missed expectations earlier this year as interest in its flagship Barbie doll waned. In contrast, Lego earnings have soared on the strength of products related to its wildly popular movie. The film, released in February, received rave reviews and spurred new interest in the company’s products.
In a press release announcing earnings, Lego CEO Jørgen Vig Knudstorp said he wasn’t sure how long the movie’s line of toys will continue their momentum. But, as the Journal points out, the company has doubled down on using motion pictures to drive sales. A movie based on Lego’s Ninjago line of ninja-themed toys is planned for 2015, and The Lego Movie 2 is scheduled for a 2017 release.
While success at the box office has surely helped spur Lego sales, the block-maker’s earnings should come as no surprise considering its other recent victories.
As Money’s Brad Tuttle previously reported, Lego is experiencing strong growth in China, and Knudstorp is on record as predicting his company would quadruple its revenue in less than a decade. This comes during a time when competitors like Mattel have struggled to keep up sales. Even Lego Friends, a girl-focused line of toys that was widely panned for promoting stereotypes, has been a smash hit, with sales to girls tripling in the wake of its release.
Looking forward, Lego plans to continue its growth by turning multicolored building blocks into a global icon. “We have been investing and we will continue to invest significant resources in further globalising the company,” said Knudstorp. “Ultimately this is what will ensure the future success of the Lego Group.”