With the end of the first fiscal quarter comes company reports. An assessment of a company's overall well-being, as well as insight into ongoing and upcoming projects the company will be undertaking. The Hasbro Q1 2024 report is no different, which cites solid revenue and anticipation for some upcoming Magic: The Gathering sets.
The Hasbro Q1 2024 report
According to the official report, the Hasbro Q1 2024 report marks a good start to the year for the major toy company. Hasbro CEO Chris Cocks states, "performance from our licensing portfolio shows the strength of our brands and we continue to fuel innovation in games and toys as we expand our reach across play patterns to fans of all ages."
The report does highlight several key areas where Hasbro has struggled and flourished. Overall Hasbro Inc. revenue has declined 24%. This contributed to the divestiture of eOne film and television after the commercial disappointment of the Dungeons & Dragons: Honor Among Thieves feature film.
As for Wizards of the Coast, the Hasbro Q1 2024 report provides some good news. There is a reported revenue increase of 7% in Licensed Digital Gaming thanks to ongoing strong sales of Baldur's Gate III and the mobile game Monopoly Go!
Meanwhile, tabletop revenue has increased 5% due to the growth of Magic: The Gathering. This growth is credited to increased shipping of product to support the Outlaws of Thunder Junction set as well as meet strong demand for the Universes Beyond Fallout Commander Set, crossing over the acclaimed card game with the beloved sci-fi RPG franchise.
Finally, the operating profit increased by 60% and an operating profit margin of 38.8% due to "higher digital licensing revenue mix of revenues and cost management." This can be contributed to ongoing digital services such as Magic: Arena and D&D Beyond.
The financial results conference call reveals some additional information. This includes adjusting financial expectations for upcoming Universes Beyond sets in 2025, which include crossovers with Marvel and Final Fantasy, as well as ongoing changes to D&D Beyond made to "expand the richness of tabletop game play to digital."
This may mean several things for the TTRPG platform going forward. It may mean more ongoing digital incentives with pre-orders for sourcebooks and campaigns like the upcoming Vecna: Eve of Ruin. and potentially hint at plans for long-term support for the platform's dedicated virtual tabletop.
The Hasbro Q1 2024 report does not address the recently announced departure of Wizards of the Coast CEO Cynthia Williams, who announced her departure from the company effective April 26.
