Overview

This digital-first, high-margin tabletop RPG asset business sells downloadable maps, tokens, spell cards, journals, and licenses primarily to Dungeons & Dragons and broader tabletop RPG players. The business has demonstrated strong early revenue velocity ($775K+ in ~14 months) and material profitability, supported by paid acquisition (Meta + Google), email automation, and a sizeable niche audience (40K+ Facebook followers).

At its core, this is a performance-marketed digital asset brand with:

• No physical inventory

• Automated fulfillment

• Low operational friction

• Clear monetisation mechanics (bundles, upsells, licenses)

However, despite headline numbers, the business shows clear volatility, margin fragility, and traffic dependency, indicating that while the model works, it is not yet structurally stable.

This is not a lifestyle asset — it is an optimization and scaling play.

Key Insights (Executive Summary)

What’s working

• Digital-only SKU mix → structurally high gross margins

• Proven demand within a passionate niche

• Email marketing is already contributing meaningful revenue

• Automated delivery and lean ops

• Healthy multiples for a 1-year-old business (0.7x profit, 0.2x revenue)

What’s fragile

• Revenue peaked early and declined materially

• Profitability collapses quickly when revenue softens

• Cost base does not scale down efficiently

• Heavy reliance on paid traffic

• Limited evidence of strong repeat or evergreen demand

Website Performance & Commercial Metrics

Website Speed & UX

• Shopify-based, lightweight digital storefront

• Pages load quickly; no heavy scripts or bloated themes

• Checkout flow is clean and friction-minimised

Verdict: Technically sound, no speed bottlenecks limiting conversion.

Product Variation & SKUs

Core SKUs (6):

• Ultimate Maps Bundle (15,000 designs)

• Printable DnD Spell Cards (2014 & 2024)

• Solmyra Trilogy (lore/narrative)

• 1,000+ Token Bundle

• All-in-One RPG Digital Journal

• Commercial License

This is a bundle-led catalog, not SKU-heavy.

Implication:

• Easy to manage

• High perceived value

• But limited depth for repeat buying unless new content is released regularly

AOV, LTV & Repeat Rate (Inferred)

• AOV likely $25–$60, lifted via bundles and upsells

• LTV appears front-loaded, not recurring

• No subscription or consumable mechanics

• Repeat buying likely limited to:

  • New DMs

  • Power users

  • Commercial license buyers

Conversion Rate

• Reported landing page CVR: ~2.2%

• This is acceptable, not exceptional, for paid traffic in a niche audience

Insight: Conversion is not the bottleneck - traffic quality and economics are.

Brand Positioning & Sentiment

• Positioning: Functional + creative utility

• Emotional hook: productivity, immersion, world-building efficiency

• Not aspirational; not status-driven

• Reviews/refunds (5%) indicate:

  • Low buyer remorse

  • Proper expectation-setting

Financial Analysis

Headline Numbers (12 months)

• Revenue: $507,828

• Profit: $140,855

• Margin: 28%

• Profitable every month

Multiples Commentary

• Profit multiple: 0.7x

• Revenue multiple: 0.2x

For a 1-year-old digital business, these multiples are:

• Reasonable

• Conservative

• Reflective of volatility

5. MARKETING & TRAFFIC FOOTPRINT

Paid Marketing

• Primary growth driver: Meta + Google Ads

• Expense behavior strongly suggests:

  • Ad spend is semi-fixed

  • Inefficient scaling during downturns

• Likely ROAS compression outside peak periods

Risk: Paid traffic dependency is the single biggest fragility.

Organic & Owned Channels

• Facebook: 40K+ followers (strong)

• Instagram: 12K+ followers

• Email list: size undisclosed (must verify)

• Email flows: 6 automated sequences, generating $10K+ months

Positive:

Email is doing real work — this is not cosmetic.

Negative:

Organic traffic does not appear to independently sustain revenue.

Market & Demand Signals

Market Size & Trends

• Tabletop RPGs (especially DnD) are:

  • Culturally resilient

  • Community-driven

  • Evergreen with cyclical spikes

• Google Trends historically show:

  • Spikes around releases, holidays, campaigns

  • Flat-to-stable long-term interest

Conclusion: Market is stable, not exploding.

Seasonality vs Evergreen

• Clear Q4 strength

• Soft mid-year demand

• Indicates event-driven purchasing, not habitual consumption

Problem Urgency

• This is a “nice-to-have efficiency upgrade”, not a must-have

• Purchase driven by:

  • Inspiration

  • Campaign prep

  • Convenience

Product Market Fit

Value Proposition (Clear)

This is clear, understandable, and relevant.

Differentiation

• Differentiation comes from:

  • Volume of assets

  • Bundling

  • Presentation

• No strong IP moat

• Assets are replicable

Moat is execution + audience, not product.

Repeat Usage Potential

• Assets are reused, but not repurchased

• This limits natural LTV growth

Brand Strength & Perception

• Brand consistency: solid

• Messaging: cohesive

• Emotional positioning: functional creativity

• UGC: moderate

• Trust signals: refund policy, social proof

Brand is competent, not iconic.

Competitive Landscape

• Highly fragmented market

• Many small creators on:

  • Etsy

  • Gumroad

  • Patreon

• Low barriers to entry

• Price competition exists, but bundles help defend value

Switching costs: Low

Customer loyalty: Moderate

Commoditisation risk: Medium–High

Operational Efficiency

Complexity

• No inventory

• No logistics

• Automated delivery

• Low support burden

Operationally simple. Financially sensitive.

Team & Systems

• Seller claims delegated roles

• Needs verification:

  • Ad management

  • Creative production

  • Support ownership

  • Founder involvement

Risk And Fragility Signals

• Paid traffic dependency

• No recurring revenue

• Revenue volatility

• Replicable product

• Margin sensitivity

• Trend fatigue risk

Exit And Optionality

Strategic Buyer Appeal

• Attractive to:

  • Roll-ups

  • Digital asset aggregators

  • Community-first RPG platforms

Multiple Expansion?

Only if:

• Organic traffic grows

• Repeat purchasing improves

• Cost structure is tightened

Unfair Advantage Check

Hard to copy:

• Email list

• Winning creatives

• Community size

Easy to copy:

• Products

• Website

• Bundling logic

Challenges Identified

1. Revenue is declining, not compounding

2. Cost structure is inefficient during downturns

3. Demand is episodic, not habitual

4. Weak defensibility against competitors

5. Heavy reliance on paid ads

6. LTV appears capped without new SKUs

7. Brand is functional, not emotionally sticky

Recommendation

This is a CONDITIONAL BUY.

Proceed only if:

• Price reflects volatility (no premium multiple)

• Recent months confirm revenue stabilisation

• CAC, LTV, and traffic mix are fully disclosed

• Seller dependency is minimal

• A post-acquisition optimisation plan is in place

This is not a passive asset. It requires:

• Margin discipline

• Ad efficiency work

• New product cadence

• Organic growth investment

Conclusion

This is a real business with real profits, not a scam or vaporware. But it is not structurally mature. Its value lies in what it could become under better execution, not what it currently is.

If acquired at the right price and operated aggressively, upside exists.

If treated as “hands-off,” performance will likely deteriorate.

This is an operator’s deal - not a tourist’s deal.