Despite its ongoing efforts to get back in the black, Hasbro’s full-year financial report reveals that global annual revenue fell 17% in 2024, to US$4.14 billion (compared to US$5 billion in 2023). 

Even excluding the impact of its sale of eOne to Lionsgate, Hasbro’s revenue is still down 7% compared to 2023— a decline that is largely attributed to a weaker-performing holiday shopping season in Q4 that resulted in a 15% drop in global revenue to US$1.1 billion. 

The Wizards of the Coast and Digital Gaming segment is quickly becoming the new backbone of Hasbro’s operations, with the division generating US$1.5 billion for the full year. Up 4% from 2023, this revenue boost was primarily driven by 22% growth in the toyco’s digital and licensed games business, thanks to titles such as Monopoly GO! and D&D Beyond. Meanwhile, sales for Magic: The Gathering trading cards dipped 1% in 2024, resulting from Wizards releasing one less booster pack last year. 

Hasbro’s consumer products business remains on a downward trajectory, with global 2024 revenue sliding 12% to US$2.54 billion. The toyco cites softer volumes, exiting unprofitable brands and reduced closeout sales as key reasons for the category’s decline, which were somewhat offset by growth for Beyblade X, Marvel and Play-Doh products. 

To return Hasbro to growth and profitability, CEO Chris Cocks has unveiled a new “Playing to Win” initiative that will take the company through 2027. Under this three-year plan, Hasbro seeks to expand its audience from 500 million kids and family members to more than 750 million by aging up the collectible appeal of its brands to people age 13 and above, developing new video games in-house, and driving new retail and licensing partnerships worldwide. 

If Playing to Win is successful, revenue will increase in the single digits for the next three years and the company will deliver more than US$1 billion in gross cost savings, Cocks estimates.