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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 popular thanks in part to the success of the hit Netflix show “Stranger Things” and the best-selling video game “Baldur’s Gate 3.”
In fact, Wizards of the Coast, publisher of D&D, has seen its annual revenue grow 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 launched. first introduced 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 heads up the game’s design and development, tells CNBC Make It. “It would have blown my mind.”
But Wizards of the Coast isn’t the only business that has benefited from D&D’s newfound widespread success. Brooklyn game store The Last Place on Earth raised nearly $110,000 in 2024 by hosting D&D nights.
The popularity of in-person events helped turn around the fortunes of a struggling business thanks in part to opening just before Covid shutdowns began. About 50% of the store’s revenue comes from D&D.
“Dungeons and Dragons has really saved the business,” says owner Whitney Wolfe.
Whitney Wolfe (center) is the owner of 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 programs, “Critical Role,” has generated millions in tips and advertising revenue.
In fact, it has become so popular 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 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 see the comedians play on stage.
“What really gives (D&D) strength,” says Dr. Emily Friedman, a professor at Auburn University, “is the intellectual property that is generated outside of the Wizards of the Coast and Hasbro ecosystem.”
For the full story of how Dungeons and Dragons became a global phenomenon, watch the CNBC Make It video.
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