Hasbro CEO Says D&D Going All In On Video Games and Digital
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In Hasbro’s recent Q3 investors call, CEO Chris Cocks pointed out that recent financial growth for Wizards of the Coast was driven in part by sales of the Dungeons & Dragons 2024 core rulebooks. He also reiterated that the D&D brand’s major focus going forward will be on new video games as well as improvements to the D&D Beyond digital surprising.
For many WotC watchers, it was surprising just how much D&D was mentioned, given that most previous investor calls tends to be focused primarily on Hasbro’s larger franchises and Magic: The Gathering. Yet it also makes sense given the structural changes we’ve seen to WotC management and the company’s new approach to to the brand, including the recent appointment of a new head of D&D franchise.
Below, we take a closer look at what else was discussed on the investors call.
What was said about D&D on the Q3 2025 investors call?
While much of the focus for Wizards of the Coast was on the growth of Magic: The Gathering (which continues to be one of the largest sources of revenue for Hasbro), Cocks did mention D&D several times:
- 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.”
Final Thoughts
Investor calls tend to be just as much about PR as the numbers, so it’s not surprising that D&D was presented in the best possible light. It’s also not surprising that Wizards of the Coast will be adopting a strategy heavily focus on new D&D video games, with the company continuing to see dollar signs following the financial and critical success of Baldur’s Gate 3. What might be lost in the charts and business jargon, however, is that for fans of D&D, the most important thing is the game itself
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Cameron Nichols is a Senior Editor who lives in Boston, Massachusetts, and has been playing D&D since the early 90s, when he was introduced by his older brother and cut his teeth on AD&D 2nd Edition. Since then he’s played virtually every RPG he could get his nerdy little mitts on (including a weird Goth phase in the early 2000s when he rocked Vampire: The Masquerade pretty hard). His favorite D&D campaign setting is the Forgotten Realms and his favorite character to play was a Half-Orc Barbarian named Grug (who was unfortunately devoured by a gelatinous cube).
