D&D General WotC Continues D&D's Advance To Digital First Brand

It's been apparent for some time that Dungeons & Dragons is moving towards a digital-first brand, centered around D&D Beyond, accompanied by a larger a shift into IP and lifestyle property.

D&D has had cartoons, toys, comics, and so on for decades, so this is not new, but the focus on these IP-based licenses appears to be gowing.

In Hasbro's latest earnings call, CEO Chris Cocks notes that the company -- by which he is referring to Hasbro, WotC, and their digital studio teams -- "delighted more than 1 billion kids, families and fans, secured partnerships that further underwrite future growth, advanced our evolution to a digital-first play and IP company and delivered record profits for our shareholders."

As we enter 2026, we view playing to Win and more importantly, the execution behind it by our Hasbro, Wizards of the Coast and digital studio teams as a clear success. Despite market volatility and a shift in consumer environment, we returned this company to growth in a meaningful way. We delighted more than 1 billion kids, families and fans, secured partnerships that further underwrite future growth, advanced our evolution to a digital-first play and IP company and delivered record profits for our shareholders.

As previously mentioned, this isn't really new information, but it is informative to see it clearly laid out by Hasbro's CEO. In the last couple of years, the company has had massive success with Baldur's Gate 3, and critical (if not commercial) success with the movie Honor Amongst Thieves. At least two D&D TV shows are currently in development--one from HBO as a sequel to Baldur's Gate 3, and another from Netflix, also set in the Forgotten Realms. In the earnings call, Cocks notes that they have "top-tier creative partners across more than 60 active entertainment projects."

Digital sales currently make up 60% of D&D's revenue. With digital-exclusive expansions being sold on D&D Beyond, a robust virtual tabletop integration, and the bringing in of the larger third-party D&D content creators as partnered content, D&D's move towards digital-first is well underway. While there is no indication that the physical books will go away, they are slowly becoming secondary or collector's items rather than the primary product.

 

[Scott Christian]

But what do you think changed? You can still play the game exactly as before.

I don't think anything changed. I think the CEO is pushing to expand in an area that he feels they can make money. That's it. There is no mystery. But, I also think it is ignorant to focus on digital first, when the real sustained profit will come from in-person gaming. And, like I said, I could be wrong. I am no CEO, but this, to me, is just an appeasement to the shareholders, who many times think short term.

 

[Cergorach]

...when the real sustained profit will come from in-person gaming...

Do you have a source for that besides your gut? We have data that in 2024 60% of the D&D sales were digital... Care to explain that in context of your statement?

 

[Scott Christian]

Do you have a source for that besides your gut? We have data that in 2024 60% of the D&D sales were digital... Care to explain that in context of your statement?

Nope. No source. I have stated three times now it is my thought or belief. And because 60% of sales come from something, say a McDonald's hamburgers, doesn't mean neglecting the fries is a good idea.

 

[Cergorach]

Nope. No source. I have stated three times now it is my thought or belief. And because 60% of sales come from something, say a McDonald's hamburgers, doesn't mean neglecting the fries is a good idea.

I think hamburgers vs. fries is the bad comparison. Think more of it of restaurant vs. drive-through, if the restaurants are mostly empty and most sales go through the drive-through. Would you build the next location with an as big restaurant? Or would you concentrate on the drive-through? Realizing that it involves hundreds of millions of dollars of the company and probably millions of dollars from your own bonuses and stock...

 

[bedir than]

Okay sorry, I missed that point amongst the rest. While you think it doesn’t negate the CEO is overlooking the in person aspect, neither do I think it proves it.

The CEO who regularly plays in person, including putting on costumes while he plays in person?

 

[Gambit42]

There's also the Greenwood clause, if WotC doesn't publish at least one physical Forgotten Realms book per year, the IP rights to Forgotten Realms reverts to Ed Greenwood (its the entire reason why the book Ed Greenwood Presents Elminsters Forgotten Realms exists). Just like Sony and Spider-Man rights, they will obviously never allow that to happen.

 

[LuisCarlos17f]

The physical books aren't only for collectors like me but these also work like "icebreaker ships" opening a new path and to hook a new generation of players. Let's remember competition in the digital market is very tough because if you have internet access, you might prefer to spend your time with a free-to-play video game.