Operating one of the most popular gateways to parents, Lego has extended its marketing partnership with parenting tech company Tinybeans (ASX: TNY) for a third year, continuing a strong partnership that has delivered return on investment for the toy manufacturer.
As one of the most recognisable brands in the world, the partnership specifically revolves around Lego’s DUPLO brand for toddlers which leverages the Tinybeans app, rated the #1 parenting app in the United States.
“We’re thrilled to announce that LEGO Systems, Inc. has renewed its partnership with Tinybeans for a third year. After successful campaigns in 2019 and 2020, we aim to continue driving value for the LEGO brand through this engagement, leveraging the growing capabilities of our platform,” said Tinybeans CEO, Eddie Geller.
“Extending our partnership with the world’s leading toy brand underscores the immense value we bring to brands in our space. Our smart and agile analytics will empower us to connect with the right families within DUPLO’s core demographics, sharing the benefits of DUPLO products with the most relevant Tinybeans user groups.
This tailored approach reinforces Tinybeans’ growing power as a trusted source of child-related product recommendations.”
The one-year contract extension will provide immediate revenue returns for Tinybeans which will run marketing campaigns for Lego through the app on a monthly basis.
As a one-stop-shop for parents, the Tinybeans app enables parents to capture moments with their children via phone and video, and share with family and friends. Also within the app is a parenting community with recommendation services around activities, nutrition, child services and guides.
The app is active in more than 100,000 countries and has more than 24.4k paying subscribers who are the prime demographic for Lego’s DUPLO brand of products, that can effortlessly transition towards other Lego products as the children get older.
For the Quarter ended June 30, 2021, Tinybeans reported USD $2.54m in record revenue, a 67% increase on the previous year. Highlighting the value of marketing towards parents and children, $2.23m of that was purely from advertising revenue.
Other major partners that engage Tinybeans for their parenting app and platform include Google, Apple, Walmart, Amazon and Target.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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