In a remarkable tale of entrepreneurial success, the niche board game Warhammer has transformed from a small mail-order venture run by three friends to a global phenomenon valued at a staggering £6 billion. The company behind the game, Games Workshop, has defied the challenges facing the high street and the rise of digital gaming to become one of Britain’s biggest companies.
Launched in 1975 by self-confessed geeks Ian Livingstone, Steve Jackson, and John Peake, Games Workshop started out as a mail-order board game business operating from the founders’ flat. Today, it is a FTSE 100 darling, with revenues rising by 10.9% in the past six months due to soaring worldwide demand for its iconic plastic models.
“Games Workshop was founded by gamers for gamers,” said Sir Ian Livingstone, who co-founded the company and sold his shares in 1991. “Today, all types of gaming, both analogue and digital, have become mainstream in what has become a multi-billion-pound-a-year entertainment industry. There has been a cultural shift and it is now cool to be a gamer, especially since a lot of celebrities proudly admit they are gamers.”
The appeal of Warhammer extends far beyond the game itself. Collectors build large forces of intricate miniature plastic models, which can cost more than £100 each, gluing them together and painting them to create their own unique versions. This hobby encompasses painting detailed figures, reading and learning rules, immersive gameplay, storytelling, and a strong sense of community.
“It’s a gaming success story – commercially, it’s a very impressive thing, being able to placate shareholders and fans simultaneously,” said Douglas Brown, professor of games at Falmouth University. “They’ve found a way to monetise geek culture.”
Games Workshop’s success is not just due to its loyal customer base and high-quality products, but also its vertically integrated business model and decades of fiercely defended intellectual property. The company has also invested in artists and pledged not to rely on AI, further strengthening its appeal.
While Warhammer has traditionally been male-dominated, academics have noted an increasing number of female fans in recent years, thanks in part to the popularity of related film and TV franchises. The company’s efforts to make the hobby more accessible, with smaller-scale skirmish games, have also helped broaden its appeal.
With plans to open a Warhammer World in the US and the upcoming Amazon-produced Warhammer film and TV series, Games Workshop is poised to introduce the game to a whole new army of fans. The company’s remarkable journey from a humble mail-order business to a global gaming powerhouse is a testament to the enduring appeal of tabletop gaming and the power of passionate communities.
