Okay. But if I’m talking about ttrpg players in general then excluding the 800 lb gorilla doesn’t really tell me much about the state of the hobby as a whole either. Right?
Wrong.
The state of the hobby is best illustrated by the second tier. Not the lower tiers, much as I love some of the indie games, nor that first tier that wavers between being just D&D and to including Pathfinder...
Compare to Boeing Aircraft Corporation... They're bordering on having to reorganize
again. They have a NASA funded project that's already $2 Billiion over budget (80% over budget), and looks to be going nowhere, they're having nightmares from strikes because they treat their people like crap and appear to ignore Engineering staff warnings... Boeing is the largest Aviation company west of the Atlantic. Does it describe the nature of the Aerospace indystries? No! There is a Brasilian manufacturer making fine aircraft. There's a dozen aircraft companies supporting commercial aviation in Canada and the US. Boeing is going under, but they're all doing well. Boeing, however, gets ALL the news coverage. No aviation company still in business does it as badly as Boeing... So, while Boeing is something like 20% of the seats flown, and 20% of the people employed, it's not reflective of the industry.
That C7, Fria Ligan, Mongoose, Modiphius, Pegasus Spiele, and SJG are all making living wages? That's the state of the industry.
There's enough outside D&D to support competition. And better, Modiphius and Fria Ligan have some distribution deals in place. So Not just competition, but robust enough a second tier to allow them to compete without needing to be cutthroat about it.
Oh, and WotC? They're in the black. The rest of HasBro? looking kind of grim. D&D is supporting the overstuffed giant.