Dungeons and Dragons has come a long way since making its debut 50 years ago.
After decades spent as the pinnacle of nerd culture, the popular tabletop game has broken into the mainstream thanks in part to the success of Netflix’s mega-hit show “Stranger Things” and the best-selling videogame “Baldur’s Gate 3.”
Indeed, D&D publisher Wizards of the Coast has seen its annual revenue grow from $761 million in 2019 to $1.17 billion as of October 2024. The company estimates that 85 million people have played the game since it was first introduced in 1974 — a figure equivalent to the population of Germany.
“If you would have told me that number when I was younger, I would have laughed,” Jess Lanzillo, who heads the game’s design and development, tells CNBC Make It. “My mind would have been blown.”
But Wizards of the Coast isn’t the only business that has benefitted from D&D’s newfound mainstream success. Brooklyn game shop The Last Place on Earth raked in nearly $110,000 in 2024 from hosting D&D nights.
The popularity of the in-person events helped turn around the fortunes of a business that struggled thanks in part to opening right before Covid lockdowns began. About 50% of the shop’s revenue comes from D&D.
“Dungeons and Dragons has really saved the business,” owner Whitney Wolfe says.
Whitney Wolfe (center) owns Last Place on Earth, a Brooklyn board game cafe that hosts popular Dungeons & Dragons nights.
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The game’s popularity has been helped by a cottage industry of streaming shows and podcasts where people play D&D campaigns in real time. One of the shows, “Critical Role,” has made millions in tips and ad revenue.
It’s become so popular, in fact, that it was able to raise over $11 million on Kickstarter to fund an animated TV pilot. That show, “The Legend of Vox Machina,” will soon be in its fourth season on Amazon Prime.
Another show, “Dimension 20,” sold out the iconic Madison Square Garden, with fans shelling out an average of $119 to watch comedians play the game onstage.
“What really gives [D&D] legs,” says Auburn University professor Dr. Emily Friedman, “is the intellectual property that’s generated outside of the Wizards of the Coast and Hasbro ecosystem.”
For the full story of how Dungeons and Dragons became global phenomenon, check out CNBC Make It’s video.
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