Hasbro’s annual earnings came out this week, so I took a look. It is truly staggering how much Wizards of the Coast has changed the company since they were acquired; when looking at unadjusted earnings the Wizards of the Coast and Digital Games division was the only one that turned a profit in the entire company. Not only that, but Wizards is responsible for roughly 47% of the entire company’s revenue and over 90% of all revenue growth over the last year. That’s over 2 billion dollars in revenue; roughly $1.7 billion is attributable to Magic: The Gathering and the rest is attributable to Dungeons and Dragons.

Dungeons and Dragons is obviously the largest, most popular roleplaying game, but $400 million in revenue is staggering. If this was all books, it would be eight million copies. It’s not all books of course; one of the reasons D&D is growing (though perhaps not as fast as Magic is) is the continued expansion of digital services like D&D Beyond, products with high margins and minimal variable costs. This is the future, not because it makes for a better gaming experience, but because it makes for a better balance sheet.