Hasbro/WOTC Announces Their Quarterlies
And it’s more a discussion of what they don’t say than what they DO say. Here’s the transcript and highlights of the earnings call, but overall:
- Dungeons & Dragons Core Books Off to Record Start: Cocks noted that “The refreshed 2024 editions of Dungeons & Dragons’ Monster Manual, Player’s Handbook, and Dungeon Master’s Guide are off to the strongest ever start for Dungeons & Dragons books.” This is, however, a bit vague, in that Cocks didn’t mention specific sales numbers or revenue.
- D&D Beyond Sees Major Growth: While Cocks didn’t mention the disastrous cancellation of the Sigil VTT, he did call out D&D Beyond Maps, which was made available free to all subscribers last month. Cocks noted that “D&D Beyond’s new accessible virtual tabletop has driven weekly traffic up nearly 50% since the September launch.” It’s important to note, however, that traffic is not necessarily an indication of increased subscription revenue.
- More D&D Video Games in Development: Cocks confirmed that “The big thing for Dungeons & Dragons is going to be digital games. We have several games in development… There’s probably five projects in development for Dungeons & Dragons across our portfolio, ranging from more casual and kid-oriented to very high-end action-adventure and role-playing games.”
- A Long-Term Digital Strategy: Cocks stated that D&D remains a priority with “a continued focus on building out the core business, the core TRPG, with a special emphasis on D&D Beyond as the best place to play a TRPG.”
- Wizards of the Coast Financial Growth: On the call it was noted that the Wizards division (which includes D&D and Magic: The Gathering) remains Hasbro’s top growth engine, with Cocks stating that “revenue grew 42% to $572 million with broad-based gains across both Tabletop and Digital.”
from here, https://dungeonsanddragonsfan.com/hasbro-q3-2025-investors-call/
So: in my opinion, they are juicing the numbers on the books sales – if they had the actuals, they’d be touting the actuals. So I think they are using a little creative accounting to make it look like this D&D is the BEST D&D EVA! But even moreso, the focus of video games creation and digital properties like D&DBeyond (for which, it should be noted, they omitted specific discussion of subscriptions rates) shows that they are continuing toward the subscription based model they always touted. Their plan hasn’t changed, despite their PR issues.
EDIT: a more succinct look at what WOTC is saying.
EDIT2: Roll for Combat weighs in:
Challenges of Transparency in Modern Corporate Reporting
- Corporate earnings calls are legally required to be truthful, but data transparency is decreasing.
- Unlike in the past, where sales data (e.g., box office, bookstore sales) was public and trackable, private digital platforms obscure actual performance metrics.
- Examples include Netflix, Disney+, and D&D Beyond, where internal sales/viewership figures are vague or undisclosed.
- Analysis of Hasbro’s earnings shows Magic: The Gathering (MTG) is overwhelmingly the company’s primary profit driver, overshadowing other product lines including D&D.
- While Magic’s revenue grew by approximately 44%, other tabletop games showed little to no growth, with physical game sales reportedly showing significant losses (negative $730 million).
- Magic’s profit margin is exceptionally high (~40-46%), which greatly contrasts with typical industry standards, highlighting the digital and product efficiency advantage of card games over physical toys.
| Metric | Amount (millions USD) | Notes |
|---|---|---|
| Wizards of the Coast Profit | $723.3 | ~46% profit margin |
| Consumer Products Loss | -$993 | Mainly physical game losses |
| Entertainment Profit | $61 | Smaller contribution |
D&D 2024 Edition Performance and Digital Virtual Tabletops (VTTs)
- The new 2024 core rulebooks have been out for about a year.
- Wizards of the Coast claims the 2024 core books have the strongest start ever for D&D books.
- D&D Beyond’s new virtual tabletop “maps” has increased weekly traffic by nearly 50% since its launch in September.
- Meanwhile, Sigil, a more ambitious 3D VTT, is being shut down due to high development costs and complexity (estimates of tens to hundreds of millions spent).
- Sigil struggled with asset creation (monster models require 50-100 hours each).
- In contrast, the simpler “maps” VTT, which uses 2D maps and is easy to produce and maintain, has gained traction, illustrating a preference for simple, accessible digital tools over complex, resource-heavy products.
D&D Subscription Services and Digital Strategy
- Wizards is pushing toward a digital subscription model for D&D, akin to past subscription services like Dragon Magazine.
- Subscription services can provide predictable revenue and encourage ongoing engagement.
- The hosts express skepticism about claims of record sales for the 2024 edition, noting that reported revenues from D&D and other Hasbro games have remained roughly stable year-over-year, suggesting no major sales surge.
- The maps VTT’s success contrasts sharply with Sigil’s failure, reinforcing the corporate shift to digital simplicity and scalability.
BookScan Sales Data Comparison: D&D 2014 vs D&D 2024 Editions
| Edition Year | Players Handbook (units) | DM’s Guide (units) | Monster Manual (units) | Total Core Books Sold (units) |
|---|---|---|---|---|
| 2014-2015 | 129,000 | 75,000 | 72,000 | 276,000 |
| 2024-2025 | 51,000 | 28,000 | 18,000 | 97,000 |
- The data shows significantly lower physical sales for the 2024 edition, roughly one-third of the 2014 edition sales, despite claims of a “strongest start ever.”
- The Monster Manual 2024 sales are particularly low, attributed partially to its later release date within the year and possible content differences.
- The discrepancy is explained by the growing shift from physical book sales to digital platforms and subscriptions.
- Pre-order strategies and multiple release phases in 2024 might have contributed to a strong initial sales burst, supporting corporate claims about the launch’s “strong start.”
Understanding Digital Engagement Metrics and Subscription Models
- Companies measure digital engagement differently than traditional sales.
- For example, Netflix counts a movie as “watched” if a user views at least two minutes, which is a very low threshold.
- Digital platforms like D&D Beyond count book access differently—merely owning the book digitally doesn’t guarantee full engagement or “reading.”
- The D&D Beyond subscription tiers do not include actual book purchases; users must buy digital books separately.
- This complicates the interpretation of sales and engagement data because revenue from digital subscriptions and digital book purchases are separate streams.
- The shift to digital allows better tracking of user behavior but also creates walled gardens and ecosystem lock-ins where users do not truly own digital content but rent access.
