This case traces the history and growth of the Magic: The Gathering trading card game. From its development in 1993 by tiny studio Wizards of the Coast, to Wizards' acquisition by toy giant Hasbro in 1999, to its evolution into a billion-dollar brand in 2023, executives and game designers at Wizards had tweaked Magic's winning formula. Its growth trajectory had been interrupted for long stretches by stagnant sales plateaus, and as the company entered 2024, executives gathered to plot how to grow the brand further.