Could Amazon and gaming make it the next Marvel?
Some of the biggest companies in the world got their start from humble beginnings, but Games Workshop’s early days weren’t as glamorous as most.
“We ended up living in a van,” Sir Ian Livingstone said.
He co-founded the brand, best known for its Warhammer games, back in 1975 with co-founder Steve Jackson.
Sir Ian told BBC News the pair asked the bank manager for £10,000 to start their business.
They continue to create popular miniature figures for players around the world to collect, paint and fight in complex tabletop conflicts.
But it was a rough start.
“He looked at us like dogs watching TV, didn’t understand what we were talking about, and asked us to leave,” he said.
The pair ended up working out of a small room in the back of a real estate agent’s office and joined a local squash club to use the showers.
“We don’t want it to get big at all,” Sir Ian said.
“We’re following the passion of gamers who want to be part of some emerging gaming business.”
Since then, this passion has continued to blossom and Games Workshop is more successful than ever, recently becoming one of the UK’s top 100 companies.
In the second half of 2024, the company made profits of £126.8 million ($154.4 million) from selling its products globally.
Miniatures are just one part of the equation, with a large portion of its profits coming from licensing – enabling its products to be adapted into video games, movies and TV series.
Hailey Austin, an academic PhD from the Department of Games and Arts at Abertay University, told BBC News that the company has always been good at expanding into new areas.
“They’re willing to try new things,” she said.
“They’ve been pushing the boundaries, getting into miniatures and paintings as well as books, magazines and even digitizing games.”
Games Workshop believes it has “some of the best underutilized intellectual property in the world” and has the potential to go even further.
The company recently struck a lucrative deal with Amazon to produce the Warhammer TV series and movies, putting its name to one of the best-selling video games of 2024.
Starfighter II, based on the massive Metroidvania from the sci-fi style Warhammer 40,000 (40K) series, was an astonishing success, selling 4.5 million copies in its first month.
Games Workshop boss Kevin Rountree told investors that Space Marine II has created “excitement” for its miniatures, with store staff telling him they’re seeing more people coming into the company as a result High street shops.
TV and gaming are giving fans more ways to engage in their favorite hobbies, which is something more companies are focusing on.
Last year, the video game adaptation of Fallout Putting this 10-year-old book on the bestseller list.
Warhammer fans say they’ve noticed a similar effect.
Katie Foad was first drawn to Warhammer by painting its detailed miniature statues, but says she was drawn to it when she played 40K-inspired strategy video game Dawn of War interest deepened.
This led her to join the Games Workshop community and she is now part of Tabletop Tactics – a YouTube channel dedicated to all things Warhammer.
She joined in 2021, when Games Workshop, like other indoor hobbies, was experiencing a boost from the Covid-19 pandemic.
Katie said the channel saw a surge in new subscribers after the launch of Starfighter II last year, and videos featuring characters and creatures from the game were particularly popular.
“We’re definitely seeing more and more interest due to the popularity of Starfighter II,” she said.
Warhammer is also getting another boost from within the entertainment industry – Superman himself, Henry Cavill.
The actor has been dubbed “the coolest nerd in the world” due to the public’s interest in video games and Warhammer.
Katie believes this helps expose new people to the hobby and encourages them to express their interests more openly.
“For people who already love Warhammer, they see him being so proud of it and go: ‘Oh, that’s really cool’,” Katie said.
“‘I can talk to people about it. I can encourage other people to get into this hobby’.
“I think the people who were already involved are excited to share it now.”
Cavill is a key part of the deal with Amazon, Awarded for being an executive producer and star of a Games Workshop adaptation.
Adapting the Warhammer universe and its vast lore – the background information on the different races and characters within it – can be a challenge.
Clive Standen, who plays Lieutenant Demetrion Titus in “Starfighter II,” knows this all too well.
Standen told BBC Newsbeat that his early recording process involved negotiations with Games Workshop representatives to inject depth and emotion into his traditionally stoic Ultramarine character.
“We had to find the nuances to get the audience to root for him,” Standen said.
“Otherwise, it will be very cold outside.”
Eventually, Standen said, they found “common ground” and his performance in the game qualified him for a BAFTA Games Award.
He also voiced Titus in the Star Marine II-themed episode of Secret Level, a Prime Video anthology series based on the popular video game.
Amazon claims this is the animated series’ debut on its streaming service.
Standen believes the streaming company’s deep pockets mean it’s the right place to do justice to further Warhammer shows.
But he warned it would require a lot of work.
“You have to strike a fine balance between pleasing fans and giving them something they’re personally invested in and pleasing mainstream fans,” he said.
“Because if it doesn’t have enough viewers, it won’t get commissioned for a second season.”
Games Workshop says it will be some time before its adaptation is released, warning that critical acclaim is not guaranteed. The volatile and unpredictable video game business.
Katie believes the “vast universe” underpinning Games Workshop means it will continue to be successful.
But she said she was excited to see how future titles based on Warhammer were received.
“It means so much and I think it’s always going to be successful,” she said.
“But depending on how the Amazon show goes, if it does reach a wider audience, I think it could be huge.
“It could be Marvel.”
Sir Ian, who sold Games Workshop for £10m in 1991, said he would also be watching with interest.
“Now, like a proud parent, you can’t help but feel a huge sense of pride watching this great British success story conquer the world and become one of the best gaming IPs of all time,” he said.
“Hopefully this will continue long term.”
Additional reporting by Chris Vallance and Peter Gillibrand.