Tuesday, 19 July 2022 10:55

Magic: The Gathering grows 11 percent in second quarter

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Magic: The Gathering grows 11 percent in second quarter HASBRO

Wizards of the Coast's flagship collectible card game, Magic: The Gathering, enjoyed a strong second quarter in 2022 according to Hasbro's Q2 report.

"Wizards of the Coast turned in its biggest quarter ever, led by 15 percent growth in tabletop gaming and 11 percent growth in Magic: The Gathering across platforms," said Hasbro CEO Chris Cocks.  "We also significantly enhanced our digital play and direct-to-fan capabilities with the acquisition of D&D Beyond which will serve as an important growth driver for Hasbro's industry leading fantasy gaming portfolio."

Overall, the company's Wizards of the Coast and Digital Gaming segment saw increase revenues of three percent.  Also, Wizards of the Coast posted its highest revenue quarter in history with an operating profit of $225.6 million, which was 53.7% of revenue.

Hasbro says they expect to see high single-digit to low double-digit revenue growth in the segment for the full year.

Not all of the news was good news, however, as digital and licensed gaming declined 36 percent based on release timing and reflecting the difficult comparison with the launch of Dark Alliance and Magic: The Gathering Arena mobile last year.  Despite this, Hasbro says they will continue to invest in digital gaming initiatives and talent to support long-term growth in the segment.

"We are making significant progress in our strategic plan review and are identifying and realizing cost savings across the business," commented Cocks. "Our teams are driving focus and scale in gaming, multi-generational brands, and direct to consumer"

For Hasbro as a whole, the company reported a one percent increase in net revenues, blaming (in part) an "unfavorable" impact of foreign exchange.