On Tuesday, Hasbro Inc had its first quarter earnings call reported that Wizards of the Coast and Digital revenue went up 15% compared to Q1 2020. in 2021.
According to CEO Brian Goldner, Wizards of the Coast’s first quarter revenues grew to $242 million last year, which is 15% higher from the same period in 2020, while its operating profit rose to $110 million. This resulted in an operating profit margin of 45.4% for the quarter.
Goldner reported that both Magic: The Gathering and Dungeons & Dragons went up “double digits” in the first quarter, which is largely thanks to the Norse mythology-inspired MTG set, Kaldheim, making it the “biggest” Winter set ever.
Revenue growth thanks to Magic: The Gathering and Dungeons & Dragons
This is the company’s first earnings report after Wizards of the Coast was converted from being a subsidiary of Hasbro into a division responsible for the company’s digital initiatives. Last year, the company made $816 million in venue, which 23% year over year increase from 2019.
Hasbro also reported that it would raise prices of toys and games to counter higher raw material costs as the company sees rising demand for its board games and Nerf blasters from families spending more time at home.
“Freight and input cost increases have become more pronounced over the past several months, and we have plans in place to help mitigate those costs, including price increases for the second half of the year,” Hasbro Chief Financial Officer Deborah Thomas said.
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With Magic: The Gathering Arena recently releasing on mobile devices, it’s likely that Wizards of the Coast’s digital revenue will continue to grow this year.
