Classic brick-building toymaker Lego, which has undergone somewhat of a renaissance in recent years, has told CNBC that its online offering will form an essential part of its future.
The Danish toy maker - which began making the iconic interlocking bricks in 1949 - increased its share of the global toy market to approximately 8.8 percent, according to its latest financial results, up from 8.6 percent in the previous year and making in the world's second biggest toy maker behind Mattel.
A "back to basics" approach has been seen by many as the reason for the turnaround at the firm, as detailed in David Robertson's book Brick by Brick: How Lego Rewrote the Rules of Innovation and Conquered the Global Toy Industry. John Goodwin, chief financial officer at Lego told CNBC that while innovation will continue with its core "physical play" offering, digital content was now "critical" to its strategy.
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"We see the digitization, as we call it, to be an important thing that we need to respond to. But we don't see it as a complete substitute. What we're looking to do is complement our physical play offerings with online content, online gaming, such that children can switch very freely between physical play and digital play," he told, CNBC Thursday.
"We believe that's the best way in which we can keep the children engaged and also add new dimensions to our product offering. So that's a key part of that innovation story....we that as an absolute critical part of our innovation program."