In 1949, after decades of making wooden furniture and toys, Ole Kirk Christiansen's small factory in Billund, Denmark, moved to plastic and created the "Automatic Binding Bricks", which would later be known as LEGO. When the company patented the tube system in 1958, LEGO became the dominant toy line worldwide throughout the 1960s and 1970s. When other competitors capitalized on the expiration of the company's patents in the 1980s, LEGO faced stiff competition until they reported their first loss in 1998. Poor business decisions with film licenses and the failure of the Jack Stone and Galidor lines brought LEGO to near-bankruptcy until Jørgen Vig Knudstorp took over the company and, by bringing it back to its roots, rejuvenated LEGO's profits. By the time The Lego Movie hit theaters in 2014, LEGO became the largest toy franchise in the world.