In short: An addiction business model: reinvented Magic: The Gathering / D&D using scarcity-FOMO ("illusion of scarcity") to fuel most of its profitability at a ~$12B market cap — manipulating kids and adults rather than developing creative toys.
Hasbro used to be a toymaker. Eisman argues it has quietly become an "addiction business": most of its profit now comes from card games like Magic: The Gathering and Dungeons & Dragons, which it has re-engineered around manufactured scarcity — release a rare, highly-promoted "winning card" so buyers feel they have to chase it (classic FOMO).
His unease: a ~$12 billion company is leaning on hype and compulsion aimed at kids and adults instead of making genuinely new toys — a model he views as both ethically ugly and, by implication, fragile.
16:49The underbelly of this shift can be seen in the card games Magic the Gathering and Dungeons and Dragons. These games have existed for years in a relatively benign state. Not anymore. Hasbro has reinvented these games using an addiction model and that is fueling most of its profitability. Why is a child's game that's been around forever suddenly fueling the profits of a 12 billion market cap toy manufacturer? Because Hasbro has mastered the concept of creating the illusion of scarcity to create FOMO-driven purchases. How are they doing
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