Shocking low numbers were revealed by Games Workshop for their Socials, Warhammer+ Plus subscribers, Warhammer Community, and more.
We’ve all wondered how many subscribers Warhammer+ Plus has, and GW finally revealed the numbers along with their socials.
Games Workshop has dropped its half-year financial statement, and after more than a year, they finally revealed how many subscribers Warhammer+ plus has garnered.
On top of that, they also talked about all of their socials, Warhammer Community, and obviously, their profits for the year. We’ll talk about the profits and more in other posts, as this will focus more on Warhammer+ and the social side of things.
Needless to say, things are not looking great for Warhammer+ plus, as the subscriber numbers are far lower than we expected! Let’s take a closer look.
Warhammer+ Subscribers & Socials Numbers Revealed Finally By GW
This all comes from the latest half-year report from the GW Investor page.
We have to be honest here; 115,000 subscribers for Warhammer+ is nowhere near where we thought the number would be. Obviously, we didn’t expect it to reach numbers like Netflix or Disney+ (Netflix has 223 million, for example). We did think they would at least break the 200,000 number.
It could be due to the number of people actually interested enough in the hobby to spend the $6 a month, or it could be the near-endless issues during launch (which you can read about here). Either way, things don’t look great, and with the super slow release schedule, it doesn’t seem like it will improve any time soon.
Speaking of which, a day after these financials dropped, the latest release on Warahmmer+ plus was shockingly delayed…
So, they still have a long way to go to get things on schedule and provide value in terms of actual shows, etc.
Warhammer+ Plus Revenue
Next, they say the revenue for Warahmmer+ Plus is £3 million (we assume “in this period” means in the 6-month period, but they are pretty fast and loose with the numbers and terms in their reports) and development costs were £2.4 million.
It would appear they made £600,000; however, they do not mention running costs/operating costs in the statement, or the fact that everyone gets enticed with free minis, webstore vouchers, and buy exclusives (which basically makes this a free service when you consider the costs of everything).
It’s almost like comparing apples to oranges with the wording they use, so very hard to get a fully accurate number. To us, this reads, “So there’s a chance at this point it’s just break even (or worse).”
This leads to a lot of questions about where they will take this in the future. It seems like we need to know the operating costs for a full year to understand if it’s profitable. When you consider the majority of the creators come from YouTube and used to have their work up for free, it just isn’t looking very strong.
Plus, when you look at someone like Squidmar, who has 513K subscribers on YouTube, Warhammer Plus is not looking so hot.
Obviously, it’s free to subscribe, but it shows you there’s a huge audience for Warhammer content in general. Even Spikey Bits YouTube has more than half the Warhammer+ Plus subscribers, and we are in no way classified as entertainment.
Games Workshop Social Media
The socials’ numbers might look impressive, but it’s really not that much. 1.9 million “engaged users” (again, what is an “engaged user” mean to them?) across all of their socials.
While the 100,000 visits every day to Warhammer Community may seem like a big number, Spikey Bits gets shockingly close to that number, and that’s just nowhere near where we expected them to be.
Overall, just this just seems a little embarrassing when the numbers are all laid out.
Games Workshop was great once, and we’re here for when they will be great again.
GW Current Woes With Pricing and Rules Development:
- GW is Not in Charge of Warhammer Anymore
- $200 Kits From Games Workshop Canceled the Last CEO
- Games Workshop Takes a Very Passive-Aggressive Stance
- Proof Playtesting Warhammer is a Myth
What do you think about all the numbers? Are you surprised at the number of subscribers to Warhammer+?
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About the Author: Rob Baer
Rob Baer
Job Title: Managing Editor
Founded Spikey Bits in 2009
Socials: Rob Baer on Facebook and @catdaddymbg on X
About Rob Baer: Founder, Publisher, & Managing Editor of Spikey Bits, the leading tabletop gaming news website focused on the hobby side of wargaming and miniatures. Rob has won many Warhammer 40k Tournaments over the years, including the Adepticon Team Tournament and American Team Tournaments, and is on a first-name basis with almost every major company in the space.
He’s all gaming all the time. With over 30 years of experience in retail and distribution, Rob knows all the products and exactly which ones are the best. He advocates for gaming stores and manufacturers in these difficult times, always looking for the next big thing to feature for the miniatures hobby, helping everyone to provide the value consumers want.
While he’s played every edition of Warhammer 40k and Warhammer Fantasy (since 5th Edition) and has been hobbying on miniatures since the 1908s, Titans of all sizes will always be his favorite! It’s even rumored that his hobby vault rivals the Solemnance Galleries, containing rulebooks filled with lore from editions long past, ancient packs of black-bordered Magic Cards, and models made of both pewter and resin.
