Dungeons & Dragons has come a long way since its debut 50 years ago.
After being at the pinnacle of nerd culture for decades, the popular tabletop game has entered the mainstream, thanks in part to the success of Netflix’s hit show Stranger Things and the best-selling video game Baldur’s Gate 3.
In fact, D&D publisher Wizards of the Coast’s annual revenue grew from $761 million in 2019 to $1.17 billion in October 2024. game, which is equivalent to the population of Germany.
“If you told me that number when I was younger, I would have laughed,” game design and development lead Jess Lanzillo told CNBC Make It. “My heart would be blown away.”
But Wizards isn’t the only company benefiting from Dungeons & Dragons’ newfound mainstream success. The Last Place on Earth, a Brooklyn game store, made nearly $110,000 in 2024 by hosting D&D nights.
The popularity of these face-to-face events has helped turn around the fortunes of the struggling business, in part by opening before the coronavirus lockdown began. About 50% of the store’s revenue comes from D&D.
“Dungeons and Dragons really saved the industry,” owner Whitney Wolfe said.
Whitney Wolfe (center) owns Last Place on Earth, a board game cafe in Brooklyn that hosts popular Dungeons & Dragons nights.
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The game’s popularity has been fueled by a cottage industry of streaming shows and podcasts in which people can play Dungeons & Dragons campaigns in real time. One of the shows, “Critical Role,” has generated millions of dollars in tip and advertising revenue.
In fact, it became so popular that it was able to raise over $11 million on Kickstarter to fund an animated television pilot. The show “The Legend of Vox Machina” is about to air its fourth season on Amazon Prime.
Another show, “Dimension 20,” was sold out at the iconic Madison Square Garden, with fans spending an average of $119 to watch comedians play games on stage.
“What really gives[Dungeons & Dragons]its footing is the intellectual property generated outside of the Wizards and Hasbro ecosystem,” said Dr. Emily Friedman, a professor at Auburn University.
For the full story of how Dungeons & Dragons became a global phenomenon, watch CNBC Make It’s video.
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