Asmodee Reports Significant Profit Surge Driven by Board Game Renaissance
The French game giant, with the UK as its second-largest market, experienced a substantial increase in profits, attributed to a pandemic-fueled boom in board and card games.
French game publisher Asmodee has reported a significant increase in profits, with earnings surging to £23.6 million for the year ending March, a substantial rise from £4 million the previous year. This growth was accompanied by a 23% increase in sales, reaching £1.4 billion, with the United Kingdom representing approximately 16% of these sales, making it the company's second-largest market. Asmodee is recognized as Europe's largest games company and ranks among the world's largest, alongside U.S. counterparts Hasbro and Mattel.
The surge in profits is largely attributed to a sustained boom in board and card games, which gained momentum during pandemic lockdowns. Asmodee CEO Thomas Koegler noted that the pandemic introduced many households to the hobby, and this new customer base has largely remained engaged. "Board and card games have become increasingly popular…we’ve seen a real acceleration since Covid," Koegler stated. He added that the pandemic "opened the door for games to enter many households and a lot of people realised these are great ways to spend time together."
The company's portfolio includes popular titles such as Catan, Ticket to Ride, and Wingspan, as well as a trading card division featuring products based on franchises like Pokémon. Asmodee's financial success has led to a stock market valuation of approximately £2.6 billion on the Swedish stock exchange. This valuation surpasses that of several London-listed firms, including Currys and Ocado.
Koegler highlighted the affordability of board games as a factor in their continued appeal, especially during periods of economic strain. He noted that the cost of a board game, even a more expensive one, can be more economical than a single outing to the cinema for a family, particularly when considering repeat playability without additional expenses. "Even an expensive game that might cost £50 that you can play with four people, you will spend more than that driving to the cinema to see a film and pay for snacks and drinks for those same four people. Except with a board game you can play it multiple times without extra cost," he explained.
In an era dominated by digital entertainment, Koegler also pointed to a growing desire for offline, face-to-face social interaction. "In a world where everything is becoming more and more digital people are craving opportunities to get off their screens. Playing board games can also help people with social anxiety build relationships, a problem that we saw developing during the pandemic," he said.
Koegler, who transitioned to the gaming industry after a career in business strategy consulting, became CEO of Asmodee in 2024. Under his leadership, the company was later spun out from its parent company, Embracer, and listed on public markets. He also noted a shift in the perception of the board game hobby, which is increasingly shedding its stereotype of being predominantly older and male-dominated, with new titles catering to a wider range of audiences and demographics. This evolution is compared to the mainstreaming of superhero narratives, which moved from niche appeal to widespread popularity through various media.