Dungeons and Dragons has come a long way since its debut 50 years ago.
After decades as the pinnacle of geek culture, the popular board game has broken into the mainstream thanks in part to the success of Netflix’s megahit series “Stranger Things” and the best-selling video game “Baldur’s Gate 3.”
Indeed, D&D publisher Wizards of the Coast’s annual revenue grew from $761 million in 2019 to $1.17 billion in October 2024. The company estimates that 85 million people have played the game since it was first introduced in 1974 — a figure equal to 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, told CNBC Make It. “She would understand me.”
But Wizards of the Coast isn’t the only company to profit from D&D’s newfound success. The Last Place on Earth game store in Brooklyn made nearly $110,000 in 2024 from hosting D&D nights.
The popularity of in-person events has helped turn around the company’s struggling fortunes thanks in part to opening just before the start of the Covid-19 lockdown. About 50% of the store’s revenue comes from D&D.
“Dungeons and Dragons really saved the business,” says owner Whitney Wolfe.
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 aided by a homegrown industry of streaming shows and podcasts where people play D&D campaigns in real time. One of the shows, “Critical Role,” has earned millions in endorsements and ad revenue.
It became so popular, in fact, that it managed to raise over $11 million on Kickstarter to fund an animated TV pilot. That series, “The Legend of Vox Machina,” will soon be in its fourth season on Amazon Prime.
Another show, “Dimension 20,” sold out the legendary Madison Square Garden, with fans shelling out an average of $119 to watch the comedian play the game on stage.
“What really gives [D&D] legs,” says Auburn University professor Dr. Emily Friedman, “is intellectual property that was generated outside of the Wizards of the Coast and Hasbro ecosystems.”
For the full story of how Dungeons and Dragons became a global phenomenon, watch the CNBC Make It video.
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