Hasbro's New CEO Refocuses on Interactive Play

Chris Cocks, a gamer at heart, took over as CEO of Hasbro in 2022. He’s no stranger to planning strategies for victory. But when he took control of Magic: The Gathering's blue decks, he knew it would require patience and planning. Similarly, he’s navigating Hasbro through a challenging time. Toy sales are slowing down as kids return to school, and classic toys like GI Joe and Play-Doh are facing declining sales. Hasbro has even laid off over 1, 000 workers and is considering a move from Rhode Island to Boston. Movies based on Hasbro's products didn’t perform as expected either, despite positive reviews. As a result, the company sold off most of its film and TV business. Now, Hasbro is focusing more on video games, which are becoming increasingly popular. Cocks wants to bring favorite brands to digital platforms where fans can enjoy them. Since joining Hasbro in 2016, Cocks has doubled sales in the Wizards of the Coast division, with hits like Magic The Gathering Arena and Baldur’s Gate 3. Is video gaming the future for Hasbro? It might be, but it's not a sure bet. The post-pandemic gaming industry has contracted and laid off thousands of workers. Still, Hasbro is betting big by investing $1 billion in developing video games and planning new releases like Exodus and a new Dungeons & Dragons game. Magic: The Gathering itself is undergoing changes. While the digital version grows, some fans are critical of new additions from franchises like Lord of the Rings and Marvel Comics. However, these moves aim to attract new players. Cocks sees the magic in flexible gameplay, just like the game he loves. Back at a New York café, Cocks won a game of Magic, showcasing his strategic prowess. He confirms that the future of Hasbro lies in making play the core of its business.