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Aug 10, 2022

Rubik's cube is going digital as Spin Master buys out game studio

Spin Master Q4 profit rises to US$26.5M

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Spin Master Corp., the Canadian toymaker behind Rubik’s Cube and Etch a Sketch, agreed to acquire the Nordlight Games studio in a deal that will speed up the development of products for mobile phones and tablets.

The toy and entertainment company, also known for the Paw Patrol franchise, has been working with Nordlight to expand its digital games business since acquiring a minority stake in the Swedish studio last year, according to a statement Wednesday. The founders of Stockholm-based Nordlight helped create Candy Crush, one the most popular mobile phone games ever.

The companies didn’t disclose terms.

Max Rangel, chief executive officer of Toronto-based Spin Master, wants digital games to account for 20 per cent of the company’s total sales, up from about 10 per cent in the second quarter of 2022. The segment is rapidly growing, with revenue rising to US$40.3 million in the first six months of the year, a 29 per cent jump from a year earlier. 

Nordlight has been working on a digital Rubik’s Cube since last August. The toy, created in 1974, surged in popularity during the pandemic, and Spin Master focused on expanding its appeal after it bought Rubik’s Brand Ltd. in late 2020 for US$50 million. Spin Master said buying Nordlight could also increase sales of its other toy and puzzle brands, including Air Hogs and Hatchimals.