Hasbro CEO: "We're going all in on becoming a digital play company"
gamesindustry.bizAs part of Hasbro's Q2 financial results, CEO Chris Cocks has expressed the company's commitment to focus on "digital play," mentioning a $125 million capital envelope for video games, and one to two new releases yearly from late 2025/early 2026.
In the Q&A portion of Hasbro's earnings call (as transcribed by Seeking Alpha), Cocks noted that the recent appointment of John Hight as president of Wizards of the Coast and Digital Gaming, as well as an increasing number of execs with video games background to the company's board, is in line with the company's strategy.
He mentioned the aim to expand some of its "mid-core and hard-core brands" and "digitise" them.
Cocks said that Hasbro's "capital envelope" is about $250 million a year, and that "about half of that" is going into digital games.
"We think that's roughly around a steady state for us," he continued. "Our goal is to be shipping one to two new games per year starting as early as late 2025, potentially early 2026."
Cocks added that, looking at the company's full line-up of licensed titles, Hasbro has 150 projects that are either out or in development.
He commented: "I think between our board moves and between talent that we brought on board, most recently with John, but even before that, studio leaders we have like Ames Kirshen, who was in charge of Batman Arkham series of Warner Bros, James Ohlen, who was the head of creative design at BioWare, responsible for the first Baldur's Gate, Neverwinter Nights, Mass Effect. We're going all in on becoming a digital play company."
Looking at Hasbro's Q2 numbers, revenue in the Wizards of the Coast & Digital Gaming segment was up 20% year-on-year, in stark contrast with declines in other verticals at the company. Consumer Products was down 20% and Entertainment was down 90% year-on-year as Hasbro sold its eOne film and TV segment to Lionsgate.
For the first half of 2024, Wizards of the Coast & Digital Gaming's revenue was up 20% year-on-year.
The success of the segment was, in
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