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Hasbro's CEO Reports OGL-Related D&D Beyond Cancellations Had Minimal Impact
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<blockquote data-quote="Snarf Zagyg" data-source="post: 8939917" data-attributes="member: 7023840"><p>I mean, yes- there are the intangibles.</p><p></p><p>But it's more three things. </p><p></p><p>First, we will see as we go on (next few quarters) if there was any major financial impact.</p><p></p><p>Second, that impact would be discussed in some measure during the call- at a minimum to minimize it- if it was viewed as a real problem.</p><p></p><p>Third, you would expect to see projections modified.</p><p></p><p>That said, if it was an absolute nothing, it wouldn't have even been addressed during the investor earnings call. Here is the relevant part-</p><p></p><p><em>Within our growth initiatives, our direct business comprised of MAGIC: Arena, D&D Beyond, Hasbro Pulse and MAGIC: Secret Lair was up 15% in 2022. Hasbro Pulse was our fastest-growing channel, increasing 70% on robust fan demand across premier industry entertainment properties. D&D Beyond delivered user growth in excess of 20% since we acquired the service in May of 2022; and, as forecasted, was EPS-accretive in Q4. Wizards of the Coast and Digital Gaming grew 5% in constant currency, outperforming a games market that, by most measurements, was flat to down, with MAGIC tabletop leading the growth.</em></p><p><em></em></p><p><em>Importantly, we celebrated our first $1 billion brand in MAGIC: THE GATHERING, a huge milestone, not just for Hasbro, but for the thousands of hobby shops, our most important and assets growing channel for the brand and millions of fans who make both MAGIC and D&D more than just games, but vibrant, global communities. <strong>Our growth in Wizards was not without challenges</strong>. We navigated significant supply chain disruptions that while resolved for 2023, compressed our set release schedules in 2022, particularly in Q4. <strong>We were too aggressive in some of our pricing assumptions, notably our 30th anniversary edition of MAGIC and pulled back on available supply impacting Q4 results.</strong></em></p><p><em><strong></strong></em></p><p><em><strong>Lastly, on D&D, we misfired on updating our open game license</strong>, a key vehicle for creators to share or commercialize their D&D inspired content. Our best practice is to work collaboratively with our community, gather feedback and build experiences that inspire players and creators alike. It's how we make our games among the best in the industry. We have since course-corrected and are delivering a strong outcome for the community and game.</em></p><p><em></em></p><p><em>....</em></p><p><em></em></p><p><em><strong>Yes. I mean we had some subscription cancellations, but they were comparatively minor in the totality of both the D&D P&L and the Wizards P&L.</strong> Of course, we take anything like that seriously. We're in contact with the people who canceled. And in general, what we're finding is a lot of them are very open to restarting their subscriptions. D&D Beyond is a great platform. It's a really good value. And it's something that's been a good growth vector for us. We find it -- we feel about eight months into owning the asset, it's been a really good purchase for us. It was EPS accretive within six months of joining the company. And we had over 20% user growth through the end of 2022, and the revenue growth was roughly commensurate with the user growth as well. <strong>So I think D&D should be on pace for a healthy 2023 with everything we have going on. </strong></em></p></blockquote><p></p>
[QUOTE="Snarf Zagyg, post: 8939917, member: 7023840"] I mean, yes- there are the intangibles. But it's more three things. First, we will see as we go on (next few quarters) if there was any major financial impact. Second, that impact would be discussed in some measure during the call- at a minimum to minimize it- if it was viewed as a real problem. Third, you would expect to see projections modified. That said, if it was an absolute nothing, it wouldn't have even been addressed during the investor earnings call. Here is the relevant part- [I]Within our growth initiatives, our direct business comprised of MAGIC: Arena, D&D Beyond, Hasbro Pulse and MAGIC: Secret Lair was up 15% in 2022. Hasbro Pulse was our fastest-growing channel, increasing 70% on robust fan demand across premier industry entertainment properties. D&D Beyond delivered user growth in excess of 20% since we acquired the service in May of 2022; and, as forecasted, was EPS-accretive in Q4. Wizards of the Coast and Digital Gaming grew 5% in constant currency, outperforming a games market that, by most measurements, was flat to down, with MAGIC tabletop leading the growth. Importantly, we celebrated our first $1 billion brand in MAGIC: THE GATHERING, a huge milestone, not just for Hasbro, but for the thousands of hobby shops, our most important and assets growing channel for the brand and millions of fans who make both MAGIC and D&D more than just games, but vibrant, global communities. [B]Our growth in Wizards was not without challenges[/B]. We navigated significant supply chain disruptions that while resolved for 2023, compressed our set release schedules in 2022, particularly in Q4. [B]We were too aggressive in some of our pricing assumptions, notably our 30th anniversary edition of MAGIC and pulled back on available supply impacting Q4 results. Lastly, on D&D, we misfired on updating our open game license[/B], a key vehicle for creators to share or commercialize their D&D inspired content. Our best practice is to work collaboratively with our community, gather feedback and build experiences that inspire players and creators alike. It's how we make our games among the best in the industry. We have since course-corrected and are delivering a strong outcome for the community and game. .... [B]Yes. I mean we had some subscription cancellations, but they were comparatively minor in the totality of both the D&D P&L and the Wizards P&L.[/B] Of course, we take anything like that seriously. We're in contact with the people who canceled. And in general, what we're finding is a lot of them are very open to restarting their subscriptions. D&D Beyond is a great platform. It's a really good value. And it's something that's been a good growth vector for us. We find it -- we feel about eight months into owning the asset, it's been a really good purchase for us. It was EPS accretive within six months of joining the company. And we had over 20% user growth through the end of 2022, and the revenue growth was roughly commensurate with the user growth as well. [B]So I think D&D should be on pace for a healthy 2023 with everything we have going on. [/B][/I] [/QUOTE]
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Hasbro's CEO Reports OGL-Related D&D Beyond Cancellations Had Minimal Impact
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