50 years later, Dungeons & Dragons is still popular and profitable

Dungeons and Dragons has come a long way since its debut 50 years ago.

After decades as the pinnacle of nerd culture, the popular board game has broken into the mainstream thanks in part to the success of Netflix’s mega-hit Stranger Things and the best-selling video game Baldur’s Gate 3.

Indeed, D&D publisher Wizards of the Coast’s annual revenue has grown from $761 million in 2019 to $1.17 billion by October 2024. The company estimates that 85 million people have played the game since its introduction in 1974, a figure equivalent to the population of Germany.

“If you had told me that number when I was younger, I would have laughed,” Jess Lanzillo, who leads the game’s design and development, tells CNBC Make It. “My mind would be blown.”

But Wizards of the Coast isn’t the only company to benefit from D&D’s new mainstream success. Brooklyn game store The Last Place on Earth made nearly $110,000 in 2024 from hosting D&D nights.

The popularity of in-person events has helped turn around the fortunes of a business that has been struggling in part due to opening just before the start of the Covid lockdown. About 50% of the store’s revenue comes from D&D.

“Dungeons and Dragons really saved the business,” says owner Whitney Wolfe.

The game’s popularity has been fueled by a cottage industry of streaming shows and podcasts where people play D&D campaigns in real time. One show, Critical Role, brought in millions in tips and advertising revenue.

In fact, it became so popular that it was able to raise over $11 million on Kickstarter to fund a cartoon pilot. That show, The Legend of Vox Machina, is coming soon to its fourth season on Amazon Prime.

Another show, “Dimension 20,” sold out the famous Madison Square Garden venue, with fans shelling out an average of $119 to see the comedians perform on stage.

“What really gives (D&D) its legs,” says Auburn University professor Dr. Emily Friedman, “is the intellectual property that is created outside of the Wizards of the Coast and Hasbro ecosystem.”

For the full story of how Dungeons and Dragons became a global phenomenon, watch CNBC’s Make It video.

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