Thursday, January 28, 2016

GW - A Picture (or Graph) Tells A Thousand Words

The Interactive Investor follows Games Workshop stock and recently he posted the following graph:

This shows GW's revenue over the past 25 years.

You can see its organic growth from 1990-2000 and then the accelerated surge that was "The Lord of the Rings". Revenue peaked in 2004 and that is when the bubble burst. Regardless of what they have tried to do since then GW, at best, have only ever gone sideways.

They've tried overhauling their magazines to the point where it is now a catalogue with no useful content. They've introduced a much expanded paint range with multiple "enhancements". Books have gone hardback and digital. They've killed their original game and their Specialist Games but they are flatlining. And all through that the quality of their models (and their prices) have increased.

I wonder what the next "stimulus" will be.

As a final note I would point out that 2005 was the year that Gav Thorpe's bastard child was released. That codex signalled the end. Coincidence? I think not!!!!


  1. They are releasing specialist games and Model Hobby kits this year, this is the next confirmed action by GW to try grow again.

    See Link Here:

  2. 2008-2013 shows a sustained growth period that most companies would be very happy with. However that period coincides with the massive price rises and halving box contents. 2013 may have been the ceiling where prices became far too high?

  3. Be interesting to know if that period includes heavy licencing of GWIP to gaming devs such as THQ etc? How much revenue did Space Marine etc bring in through this late period and if it was missing, what would real earnings be?