Asmodee CEO Thomas Koegler Unpacks the TCG Phenomenon: Growth, Innovation, and the Future of Tabletop Gaming

Birmingham, UK – The air outside Hall 3 of the UK Games Expo hums with the nascent energy of an industry on the cusp of another transformative period. Amidst the flurry of preparations, where high-visibility vests are the unofficial uniform, Thomas Koegler, CEO of Asmodee – a global titan in tabletop gaming – cuts a notably relaxed figure. Eschewing immediate industry talk, Koegler recounts a spirited game of Uno from the previous evening, played with an imaginative set of house rules. "For each colour, you have to do something," he explains, a smile playing on his lips. "Like when it’s blue, then you need to whisper. When it’s red, you need to talk in singing like you’re in a musical. When it’s yellow, you need to talk with an accent and when it’s green, you need to change the pitch of your voice." This playful anecdote, a testament to the sheer joy and communal spirit at the heart of card games, serves as an unexpectedly fitting prelude to a deeper conversation about the explosive growth and complex dynamics of the trading card game (TCG) industry, a sector where Asmodee is a pivotal player.

Koegler’s engagement with the simple, modified Uno highlights a fundamental truth about tabletop gaming: at its core, it’s about connection, experience, and fun, even when tailored for a friend to win. This philosophy, perhaps, underpins Asmodee’s strategy in navigating the multi-billion-dollar TCG market, a landscape defined by fervent communities, strategic depth, and increasingly, significant financial speculation.

Main Facts: Asmodee’s Strategic Dive into the TCG Ecosystem

Asmodee, a conglomerate encompassing numerous renowned publishers and distributors, holds a formidable position across the entire tabletop gaming spectrum. From classic board games to intricate role-playing games, its portfolio is vast. However, the trading card game sector has emerged as a particularly dynamic and strategically important area for the company. With titles like Star Wars Unlimited under its distribution and publishing umbrella, Asmodee is not merely observing the TCG boom; it is actively shaping it.

Koegler’s Personal Stake: A Galaxy Far, Far Away

When pressed on his personal favourite TCG, Koegler’s answer is swift and unequivocal: "Star Wars Unlimited." His reasoning reveals a blend of personal passion and an appreciation for game design. "It’s with us, it’s Star Wars Unlimited, because I’m a big Star Wars fan, first," he states, highlighting the immense power of intellectual property (IP) in today’s market. Beyond fandom, he commends the game’s design, noting, "And second, the game is quite accessible." This accessibility, he implies, is key to drawing in new players, a critical factor for any TCG striving for long-term success. He also acknowledges a nostalgic connection to Magic: The Gathering from his youth, illustrating the enduring legacy of foundational TCGs and how they can spark lifelong engagement.

Asmodee’s commitment to Star Wars Unlimited is a clear indicator of its strategy: leverage powerful, globally recognized IPs with accessible, well-designed gameplay to capture broad audiences. The game, which pits iconic Star Wars characters and vehicles against each other in strategic card battles, perfectly embodies this approach, appealing both to dedicated TCG enthusiasts and the vast Star Wars fandom.

The Resurgent TCG Market: A Chronology of Growth and Transformation

The TCG industry has experienced several boom-and-bust cycles since its inception with Magic: The Gathering in the early 1990s. However, the period from 2020 onwards has marked an unprecedented surge, characterized by sustained growth and a significant expansion of its demographic appeal.

The Post-2020 Explosion: A Confluence of Factors

The initial catalyst for this latest boom can be traced back to the global pandemic. As people sought entertainment and connection within the confines of their homes, tabletop gaming, including TCGs, experienced a resurgence. This period saw a renewed interest in collecting and playing, driven by both nostalgia and the discovery of new titles. Koegler points to a critical shift during this time: "Since 2020-2022, I think trading cards have become socially acceptable for way more people that might have not considered collecting cards." This newfound social acceptance, transforming TCGs from a niche hobby into a mainstream phenomenon, is a cornerstone of the current market health.

Crucially, Koegler also highlights the long-term impact of Pokémon Go, a mobile game that, years before the pandemic, "planted seeds" by re-engaging lapsed audiences with the Pokémon franchise. When the pandemic hit, these re-engaged fans were ripe for rediscovering the physical Pokémon TCG, contributing significantly to its monumental growth. This confluence of factors – increased leisure time, a search for tangible hobbies, and the pre-existing groundwork laid by digital extensions of popular IPs – created a fertile ground for TCGs to flourish.

New Entrants and the Expanding Universe of IPs

The post-2020 era has also been defined by the successful launch of several high-profile TCGs, many leveraging powerful existing IPs. Koegler cites several examples:

• Lorcana: "What we’ve seen with Lorcana is that it has brought in people that have never looked at a TCG," Koegler observes. Disney’s entry into the TCG space with Lorcana was a game-changer, attracting a massive audience drawn by beloved characters and accessible gameplay, effectively onboarding a completely new segment of players into the hobby.
• Star Wars Unlimited: As Koegler’s personal favourite and an Asmodee title, it "is more gamer-oriented but is still bringing in fans," showcasing the ability of strong IPs to bridge different player demographics.
• One Piece: The wildly popular manga and anime series found a natural home in the TCG world, demonstrating the global appeal of established franchises.
• Riftbound (with League of Legends): This title illustrates the potent synergy between major video game IPs and the TCG format, drawing in a vast esports audience.

These examples underscore Koegler’s assertion that the market isn’t a "zero-sum game." Instead, "every time there is a new TCG coming out, there is also, in a certain way, an extension of the audience." This means that rather than simply competing for existing players, new TCGs, particularly those with strong IP backing, are actively expanding the overall market size, bringing in individuals who might never have considered the hobby before.

The recent success of the Cyberpunk TCG, which shattered crowdfunding records to become the largest ever tabletop Kickstarter campaign, further exemplifies this trend. While not yet in retail, its initial triumph signals a voracious appetite for TCGs, even for titles still in their developmental stages, provided they tap into popular culture phenomena.

Decoding the Boom: Supporting Data and Koegler’s Insights

The sustained growth of the TCG market naturally invites scrutiny, with some observers questioning its long-term viability and whether it represents a "bubble." Koegler, however, offers a robust defense of its sustainability, grounded in observed market dynamics and strategic industry practices.

Expanding Audiences, Not Just Dividing Them

The core of Koegler’s argument against a zero-sum game lies in the power of IP and the increased social acceptance of TCGs. "The TCGs that are around and the new ones, they all come with very strong IPs and with fans of those universes," he explains. This means that a fan of Star Wars might pick up Star Wars Unlimited without necessarily abandoning Pokémon or Magic: The Gathering. The distinct appeal of each universe creates separate entry points, attracting diverse segments of players and collectors.

While there is undoubtedly some overlap in player bases, the overall effect is market expansion. This contrasts with earlier eras where competition felt fiercer and new games often had to fight for a slice of a more defined pie. Today, the pie itself is growing, supported by a broader demographic embracing the hobby.

Beyond the "Bubble": A New Era of Managed Growth

The specter of a TCG "bubble" often refers to past periods of overproduction or speculative frenzies that led to market corrections. Koegler dismisses this notion for the current landscape, stating, "I don’t think so. Nobody has a crystal ball, of course, but I think we are now in an era that’s very different from what was in the past."

He identifies two key differences:

1. Cautious IP Owners and Managed Growth: Unlike past cycles where production might have soared unsustainably, today’s IP owners are "much more cautious than they might have been in the past in terms of increasing the volumes to an unsustainable level." This leads to "much more contained or managed growth," ensuring supply aligns more closely with genuine demand and preventing market saturation.
2. Diversified Audience and Reduced Cyclicality: Pokémon, once a highly cyclical franchise tied to children’s trends, has matured. The seeds planted by Pokémon Go led to "re-engaging lapsed audiences," creating a more stable, multi-generational player base. Furthermore, the market is less susceptible to sharp swings caused by external factors like major sporting events (e.g., World Cup for sports cards) or back-to-school phenomena, which historically brought fierce competition.

"I think we’re in a different era and I don’t personally see it going away," Koegler concludes. While acknowledging that "there will be ups and downs? Yes, of course, because it’s the nature of doing business," he does not anticipate fluctuations of the magnitude seen in previous market corrections.

The Dual Pillars: Playability and Collectibility

The success of TCGs hinges on a delicate balance between competitive play and the allure of collecting rare cards. Koegler notes that this mix "depends on the game" but stresses a universal truth: "The one thing I would say is that the TCGs that have a long-lasting life are the ones that do both well." A game focused solely on collecting, he argues, tends to be "flickering," lacking the sustained engagement that gameplay provides. Conversely, a purely competitive game might miss out on the broader appeal of rarity and ownership.

The challenge, however, lies in measurement. "It’s impossible to measure what is collection and what is gameplay," Koegler admits, highlighting the intricate interplay between these two facets that defines a TCG’s long-term health. The industry must continue to innovate in both areas, ensuring compelling gameplay alongside visually stunning and desirable collectibles.

The Indispensable Role of Local Game Stores (LGSs)

In an increasingly digital world, the physical local game store (LGS) remains "immensely important" to the TCG ecosystem. Koegler describes them as "the heart of the communities," performing functions far beyond mere retail.

He outlines two fundamental contributions of LGSs:

1. Discovery and Community Engagement: LGSs are vital hubs for "discovery by the gaming nights, by the Friday Night Magic, by all the organised play, the pre-release events." These activities foster community, build loyalty, and are "contributing to the community engagement in those games, which is what publishers want, and which is the long-term success." They provide the crucial third space where players can learn, play, and connect face-to-face.
2. Economic Viability and Secondary Market Health: LGSs provide a profitable channel for publishers and distributors. Furthermore, their involvement in the "secondary single cards business" is key. "When the secondary market is healthy and balanced," Koegler states, "then it means that you’re in a good spot for the longevity of the brand." A robust secondary market, often facilitated by LGSs, helps maintain card values and encourages continued engagement from collectors and players alike.

The Challenge of New IP and Crowdfunding’s Place

In a market dominated by powerful existing IPs, the creation of entirely new TCG universes presents a significant challenge. Koegler acknowledges that for a new IP to succeed today, "you need to have an innovation in a certain way." This innovation can manifest as a card game set in "a universe that was not served up until then," or, for a more generic setting, it demands "a very strong innovation, either in experience, game play, etc." The bar for entry is high, requiring either a compelling narrative universe or genuinely groundbreaking mechanics.

Regarding crowdfunding, particularly in light of the Cyberpunk TCG‘s record-breaking Kickstarter, Koegler offers a nuanced perspective. While acknowledging crowdfunding as a powerful launchpad, he firmly believes, "I think you need to move to retail." The long-term viability of a TCG, he reiterates, depends on the community fostered by LGSs.

"If they want to be long lasting, they have an interesting step to take and to be successful at for it to work," Koegler advises new crowdfunded projects. The risk lies in alienating hobby retailers if the bulk of sales bypass traditional channels. Successful transitions, like Zombicide, demonstrate that it is possible to leverage crowdfunding for initial buzz while subsequently building strong, lasting partnerships with retailers. The goal is to ensure that "the hobby retailers also need to find an interest for themselves in carrying the line."

Innovation in Card Design and Aesthetics

Beyond gameplay, Koegler notes a significant leap in the aesthetic quality of TCGs. "I think that some recent TCGs have really brought an upgrade of what can be done with cards in the way they look," he states. While gameplay mechanics have been refined over decades, the visual presentation of cards continues to evolve. "The latest innovations on the cards, on the foils, on all of this have increased also the ownership appeal of some cards." He praises One Piece and Riftbound specifically for "rais[ing] the bar on how the cards look," highlighting the growing importance of visual artistry and premium production quality in attracting and retaining collectors.

Future Horizons: Implications and Strategic Directions

Looking ahead, Koegler identifies key trends and challenges that the TCG industry, and indeed the broader tabletop gaming sector, must address to sustain its impressive growth.

The Overlooked Trends: Digital Integration and Player Education

While the physical aspect of TCGs remains paramount, Koegler believes the industry should focus more on how "we can make these games even more appealing to consumers, thanks to digital and technology." This isn’t about replacing physical play but augmenting it. The component of needing "people around me to be able to play" is a fundamental barrier that digital tools can help overcome, facilitating remote play or providing accessible ways to engage with the game.

Another crucial area is player education. "TCGs in the building of the deck, it is a complex science," Koegler admits. He sees an opportunity for technology to demystify this aspect, helping aspiring players understand deck construction better. He applauds the work of streamers and reviewers who are already doing a "fantastic job at this," emphasizing the importance of focusing "not just be focused on buying stuff, but really thinking how can I educate myself on being even better at the game."

The Biggest Challenge: New Player Onboarding

Perhaps the most critical challenge Koegler identifies for the entire tabletop gaming industry, not just TCGs, is "how do we make the game accessible to new players?" He calls onboarding "the biggest challenge we all face." The intricate rulesets, deep meta-games, and extensive card pools of many TCGs can be intimidating for newcomers. Innovations in streamlined learning experiences, guided tutorials, or even simplified introductory formats could be transformative. Addressing this challenge, Koegler believes, "could make our industry even more important in the world."

Asmodee’s Role in Shaping the Future

As a leading entity in the tabletop gaming space, Asmodee is uniquely positioned to drive these innovations. Through its diverse portfolio, its partnerships with designers and IP holders, and its extensive distribution network, Asmodee can influence design philosophies, promote accessible gameplay, and support the LGS ecosystem that is vital for long-term growth. By championing titles like Star Wars Unlimited that prioritize accessibility alongside deep strategy, Asmodee demonstrates a clear commitment to expanding the hobby’s reach.

The insights from Thomas Koegler paint a picture of a TCG industry that is vibrant, resilient, and strategically evolving. Far from being a fleeting bubble, the current boom is characterized by thoughtful management, an expanding audience drawn by powerful IPs, and a renewed appreciation for both the playability and collectibility of these intricate card games. The future, while holding challenges in digital integration and player onboarding, appears bright, promising continued innovation and an ever-growing community united by the shared joy of the shuffle, the draw, and the strategic battle across the tabletop. As Koegler’s Uno anecdote reminds us, at the heart of it all lies the simple, enduring pleasure of playing cards.