Painted into a corner by recent store shutdowns, Warhammer 40,000 and Middle-Earth SBG manufacturer Games Workshop rose like a phoenix from the market carnage with record-breaking sales: the uncontested emperor of the tabletop miniatures industry. Games Workshop Group (GMWKF) chainsawed competitors like Privateer Press and Corvus Belli as their annual report 2020 dropped a codex worth of financial statements.
Games Workshop ended the fiscal year with total revenue of 270 million pounds. The company assured fans and shareholders alike that it remained “focused on long-term success, not short-term gains.” Chairman Nick Donaldson noted that GW’s digital sales continued strong through the crisis, calling the company’s performance “tremendous.” As of last year, GW operated 531 of its own retail stores in over 20 countries. The official Games Workshop website continues to offer an online store with home delivery, daily updates, and a team builder.
Unlike Wizards of the Coast, which moved Magic: the Gathering to its loot-the-treasury phase and went whaling with premium products like Double Masters and Secret Lairs, Games Workshop continued to create top-of-the-line miniatures for die-hard hobbyists while offering more accessible spinoffs like Kill Team, Necromunda, and Blood Bowl. Official Citadel Color Contrast Paint also proved an out-of-this-world success.
Historically, GW fanatically protected its intellectual property, fearing that if Warhammer video games became too successful—or not successful enough—they might negatively impact sales of physical figures. This new report promises that Games Workshop-licensed AAA video games will continue with “carefully chosen partners,” perhaps alluding to Relic’s heretical Dawn of War III disappointing audiences with its numerous bugs. A television show is also in development, though details are scarce.
The document emphasized Games Workshop’s customer-first focus. For the moment, however, a hiring freeze is in effect. Further essential personnel are brought aboard based on skill and capability, without favoritism, prejudice, or quotas. While Disney alienated its original Star Wars audience in favor of a more mainstream following, Games Workshop evangelized newcomers to join its core fans instead of replacing them. GW’s space battleships full of money speak for themselves.
Also interesting is that GW does not make any donations to earthling causes, charities, or political parties, though their allegiance to the Imperium of Man goes without saying. Not mentioned is how much money the company spends on Bolters and Power Armor, which could be written off as a security expense.
The new Warhammer 40,000 app and forthcoming 9th Edition will hopefully recruit newcomers to the hobby. 40k continues to be the Dungeons and Dragons of wargames—not everyone likes it, but they still play it. We wish Games Workshop success as they continue to bring light to the galaxy.
Source: Games Workshop Group Annual Reports and Half-Year Results
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