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Lego partners with Tencent to create games and a social network for children in China

Arjun Kharpal
Updated
Europa Press | Getty Images. The two companies will create a "video zone" for kids on Tencent's video streaming platform.

Lego has teamed up with Chinese internet giant Tencent (Hong Kong Stock Exchange: 700-HK) to create branded video games and potentially a new social network aimed at children, the two companies announced Monday. Tencent is one of Asia's most valuable companies and is a massive player in mobile gaming and online video streaming. Lego has struggled in recent times and was last year forced to cut around 1,400 jobs. China is a bright spot for Lego, however, with revenues growing double-digit versus declines in the U.S. and parts of Europe in the first half of 2017, the last time it released financial figures . The toy-maker has been pushing further into China to help stoke growth. Lego will develop a "video zone" for children on Tencent's video streaming platform as well as Lego-branded games.Lego's partnership also includes Lego Boost, a building and coding set that brings movement to its brick creations. The two companies also said they will explore co-developing Lego Life, a "safe social network for children" in China. The Danish firm faces competition in China from rivals. Last year, Mattel, the maker of Barbie, announced a deal to sell its products in China via Alibaba's marketplace website Tmall.com. Lego has teamed up with Chinese internet giant Tencent (Hong Kong Stock Exchange: 700-HK) to create branded video games and potentially a new social network aimed at children, the two companies announced Monday. Tencent is one of Asia's most valuable companies and is a massive player in mobile gaming and online video streaming. Lego has struggled in recent times and was last year forced to cut around 1,400 jobs. China is a bright spot for Lego, however, with revenues growing double-digit versus declines in the U.S. and parts of Europe in the first half of 2017, the last time it released financial figures . The toy-maker has been pushing further into China to help stoke growth. Lego will develop a "video zone" for children on Tencent's video streaming platform as well as Lego-branded games. Lego's partnership also includes Lego Boost, a building and coding set that brings movement to its brick creations. The two companies also said they will explore co-developing Lego Life, a "safe social network for children" in China. The Danish firm faces competition in China from rivals. Last year, Mattel, the maker of Barbie, announced a deal to sell its products in China via Alibaba's marketplace website Tmall.com.

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