I say "working" in two senses: primarily, their strategy is working for me, insofar as for the first time in my time playing D&D (over 16 years) I am buying and reading all the books. They keep delighting me, and that is what matters to me.
Secondarily, and important to me entirely because it helps with the primary consideration (my interests) in the long term, it is working for WotC sales numbers and growing the game.
Whether it works for any other given individual is unimportant to me (if I cared about that, I wouldn't be I to Do&D in the first place), as long as the commercial winds continue to blow my way. Hopefully the MCU style movie plans work by the time my children are old enough to get into them and the merchandising, that would be fantastic.