50 years on, 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 become mainstream, thanks in part to the success of Netflix’s mega-hit show Stranger Things and the best-selling video game Baldur’s Gate 3.

Indeed, D&D publisher Wizards of the Coast saw its annual revenue grow from $761 million in 2019 to $1.17 billion by October 2024. The company estimates that the game has been played by 85 million people since it was first introduced in 1974 – that number. The population of Germany.

“If you had told me that number when I was younger, I would have laughed,” Jess Lanzillo, who designed and developed the game, told CNBC Make It. “I’d be out of my mind.”

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

The popularity of private events has helped turn the fortunes of a struggling business, thanks in part to opening before the Covid lockdowns began. About 50% of the store’s revenue comes from D&D.

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

The game’s popularity was aided by a cottage industry of streaming shows and podcasts where people played D&D campaigns in real time. One of the shows, “Critical Role,” has earned millions in consulting and advertising revenue.

It became so popular, in fact, that it was able to raise over $11 million on Kickstarter to fund an animated television pilot. That show, The Legend of Vox Machina, will soon premiere its fourth season on Amazon Prime.

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

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

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

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