You wouldn't think DnD would be that expensive to make. It's just printing books with a couple game designer authors and game testers involved. But selling books also doesn't make much money.

I think the trick to making money is definitely the licensing. It's an IP everyone's knows and lots of nerds love. Whenever someone doesn't know what to buy me for a birthday or Christmas present they get me some DnD crap and honestly, I usually appreciate it lol. I love my dumb DnD dice ice tray, pajama pants, cool looking minis I pretend I'll one day paint, or beholder waffle iron. It's stupid shit I'll never buy myself but makes a good gift. A good VTT will also help and I know they're working on that, but software devs are expensive so that feels like more of a gamble. Especially if it only works DnD 5e while the others in the market can work with any game.