“Magic: The Gathering” is set to reprint valuable cards and has lined up more card releases, leading to devaluation, according to Bank of America.
“The primary concern is that Hasbro has been overproducing ‘Magic’ cards which has propped up Hasbro’s recent results but is destroying the long-term value of the brand,” explained Bank of America analyst Jason Haas in a client note.
Hasbro (HAS) has owned Wizards of the Coast, the publisher of “Magic: The Gathering” since 1999.
Shares of Hasbro continue to slide. On Monday, Hasbro’s share feel $6.25, or 9.86%, to close at $57.16.
“This set has devalued many high-value cards, and collectors are concerned that Wizards will reprint more,” added Haas about the upcoming 30th Anniversary set. This special edition will contain various booster packs that include reprints of highly valued out-of-print cards from the early years of “Magic: The Gathering.”
Haas’ concern has been shared online by the game’s fans after the set was announced in early October 2022. Collectors weren’t pleased with the card publishers as these reprints could lower the value of cards worth hundreds of thousands, such as the Black Lotus card. Another gripe of the fanbase is that the 30th Anniversary set only includes four booster packs for its cost of $1,000. Those booster packs have just 60 cards.
Add that to the immense amount of cards currently available and the countless reprints and new collaborations, MTG has flooded the market.
Typically, only three sets are released each year. This hasn’t been the case in recent years. Six separate sets have been released in 2022 alone by October and there are still more planned through the end of the year. The six sets already released don’t include reissues and other products beyond their crossover sets.
“That’s at least seven products in seven months, which is absurd,” noted Joe Parlock at The Gamer in May. “The release schedule has constrained that sense of discovery into just a month until the hot new thing rolls around, burning people out. What’s the point in looking at these new cards when something new is just around the corner anyway?”
The rapid pace of production continues, with 2023 already slated for new releases of crossover sets involving popular shows like “Doctor Who,” even “Lord of the Rings” and video games like “Final Fantasy VII” and “Assasin’s Creed” will have their own cards and minisets in the MTG universe.