Pegasus Spiele

Pegasus Spiele Verlags – und Medienvertriebsgellschaft mbH
TypeGmbH
IndustryBoard game publishing and distribution
Founded1993 in Friedberg, Germany
Founder
  • Karsten Esser
  • Andreas Finkernagel
HeadquartersFriedberg
Key people
  • Kartsen Esser (CEO)
  • Andreas Finkernagel (CEO)
Number of employees
58 (2023)
SubsidiariesPegasus Spiele North America
Websitepegasus.de

Pegasus Spiele Verlags – und Medienvertriebsgellschaft mbH (transl. Pegasus Games Publishing and Media Distribution Company mbH) is a German board game publisher and distributor. The company was founded in 1993 by Karsten Esser and Andreas Finkernagel in Friedberg, Germany, and has remained there ever since. The company has won 10 Spiel des Jahres awards and published or distributed over 5,000 games. Pegasus also has a distribution branch in Minneapolis, Minnesota, United States.

History

1993–2020

Pegasus Spiele was founded by two friends, Karsten Esser and Andreas Finkernagel, in 1993 as a fantasy shop in downtown Friedberg, Germany.[1][2] Finkernagel has said that he was inspired by his English teacher to start a board game company.[3] The founders, 19 and 21 at the time, had dropped out of college to establish the store.[4][5] The original store was in a location vacated by their parents, next to the former Joh department store.[3][6] The founders also started a fantasy club, Die Gemeinschaft des Rings (transl. The Community of the Ring),[1] and published the gaming magazine Der Ringbote (transl. The Ring Messenger).[2][7] The business first evolved into a game wholesaler, and in 1994, Pegasus expanded into publishing.[2][8] Their first published game was GURPS, a pen-and-paper role-playing game (RPG).[1] Pegasus adopted the collectible card game Magic: The Gathering early, being one of its first distributors for 4 years.[2] The company hosted Germany's first Magic championship in Friedberg.[4]

Cards laid out on a table while playing the board game Munchkin
Munchkin (2003), a bestseller for Pegasus

The game Munchkin, published in 2003, contributed greatly to the company's growth in the 2000s and remains the company's bestseller.[1][9] Pegasus began publishing the cooperative game Pandemic in 2008, which Esser described as a "game changer" for the company.[2][10] They received their first Spiel des Jahres nomination in 2009 for Pandemic and their first win in 2012.[9] Pegasus had to relocate their store several times for space, but wanted to remain in Friedberg.[4] The company first moved to the western industrial park, but after running out of room again, they built a new building in the southern industrial park in 2014.[8][4] In 2018, the publisher entered into a licensing agreement with Games Workshop for Talisman.[11][12]

2020–present

During the coronavirus pandemic in 2020, sales of Pegasus games boomed as families began playing more games.[6] That year, the company restarted publishing Der Ringbote, now as an official magazine of the company.[7] In 2021, Pegasus opened its North America branch in Minneapolis, Minnesota, which now operates as a subsidiary.[3][13][14] For Friedberg's 800th anniversary, the company released a game based on Love Letter, The Tsar is Coming, for the city.[15] This game was inspired by Tsar Nicholas II's 1910 visit to Hesse.[15] The company's first original development to win the Spiel des Jahres was Dorfromantik: The Board Game (2022).[3]

For a few months in 2023, Pegasus operated a pop-up store in downtown Friedberg.[8] Also in 2023, construction started on a new adjacent building, dubbed "Pegasus 2".[2][16] The expansion, completed in April 2024, includes new buildings and doubled the business's capacity, costing seven figures to build.[16][17] Pegasus participates in the "Get to the Center" downtown initiative (German: Ab in die Mitte) as well as the Bad Nauheim- and Friedberg Plays festivals.[18][19] Trade disruptions during the second Trump government impacted Pegasus both ways; devaluation in currencies benefited the company financially while uncertainty made foreign retailers hesitant to buy games.[14] As of April 2023, Pegasus employs 58 people.[9][20] Both Esser and Finkernagel remain as joint CEOs of the company.[8] Esser primarily manages finances while Finkernagel manages marketing and sales, although they collaborate on other aspects of the company.[8] In 2024, Finkernagel stated that Pegasus has a brand awareness of 17% in Germany.[6] As of October 2025, Pegasus produces 90% of its products in China.[14] Pegasus uses an alliance system to cooperate with smaller publishers.[2] The company has distribution or licensing agreements with Games Workshop, Deep Print Games, and others.[12][21]

Games

Pegasus's first game was GURPS, which they published in 1994.[1] They also distributed the popular card game Magic: The Gathering for four years before losing its rights.[2] The publishing of Munchkin (2003)[1] and Pandemic (2008) led to significant growth for the company.[2][10] Other successful games include Kingdomino, Azul, MicroMacro, and Dorfromantik.[9][22]

As of 2023, Pegasus has 5–6,000 games in their catalogue, although not all are published by Pegasus, just distributed.[6][9] Pegasus publishes about 500 games themselves.[9] The company makes around €30–35 million in revenue per year and sells about 1 million games per year.[4][23] On average, a Pegasus sells 3,000 copies of a game.[3] As of 2024, Pegasus only directly develops family games, enthusiast games ("Kennerspiele"), and card games with designers.[24] Pegasus also publishes RPGs and fantasy books.[4][25] The company releases 100–150 games per year on average that they add to their catalogue.[20]

As of 2025, the company has won 10 Spiel des Jahres awards for its games in total. In 2025, Frankfurter Allgemeine Zeitung reported that "no other publisher has received more awards since 2014" than Pegasus Spiele. Games that win the Spiel des Jahres receive a significant boost in sales.[3][26]

Spiel des Jahres awards and nominations

The designers of Pegasus-published Spiel des Jahres winner Dorfromantik: The Board Game holding their trophies
The designers of Pegasus-published Spiel des Jahres winner Dorfromantik: The Board Game holding their trophies
Title Year Category Result Notes
Pandemic[17][27] 2009 Spiel des Jahres Nominated In collaboration with Z-Man Games
Village[28] 2012 Kennerspiel des Jahres Won In collaboration with eggertspiele
Camel Up[29] 2014 Spiel des Jahres Won In collaboration with eggertspiele
Istanbul[17] 2014 Kennerspiel des Jahres Won
Rococo[30] 2014 Kennerspiel des Jahres Nominated In collaboration with eggertspiele
Love Letter[31] 2014 Spiel des Jahres Recommended
Guildhall[32] 2014 Kennerspiel des Jahres Recommended
Kingdomino[33] 2017 Spiel des Jahres Won
Azul[34][35] 2018 Spiel des Jahres Won By Plan B Games (now Next Move Games) but distributed by Pegasus Spiele
MicroMacro: Crime City[36] 2021 Spiel des Jahres Won In collaboration with Edition Spielwiese
Dragomino[37] 2021 Kinderspiel des Jahres Won Childrens' version of Kingdomino (2017 winner)
Aeon's End[38] 2021 Kennerspiel des Jahres Recommended In collaboration with Frosted Games and Indie Boards & Cards
Point Salad[39] 2021 Spiel des Jahres Recommended In collaboration with AEG
Living Forest[40] 2022 Kennerspiel des Jahres Won
Dorfromantik[22] 2023 Spiel des Jahres Won
Bomb Busters[41][23] 2025 Spiel des Jahres Won In collaboration with Cocktail Games
Isla a la Vista/Käpt’n Kuck[41] 2025 Kinderspiel des Jahres Recommended In collaboration with Mercurio

References

  1. 1 2 3 4 5 6 Reininger, Susanne (15 August 2025). "Pegasus Spiele in Friedberg: Wo preisgekrönte Spielewelten entstehen" [Where award-winning game worlds are created]. Hessenschau (in German). Archived from the original on 17 September 2025. Retrieved 3 November 2025.
  2. 1 2 3 4 5 6 7 8 9 Esser, Karsten (31 October 2023). ""It's clear there are too many games being published": Pegasus Spiele's co-founder talks Dorfromantik, economic uncertainty and how it keeps winning board gaming's biggest prize –". Board Game Wire (Interview). Interviewed by Mike Didymus-True. Archived from the original on 6 December 2025. Retrieved 3 November 2025.
  3. 1 2 3 4 5 6 Winter, Thorsten (23 November 2023). "Die "Dorfromantik" auch in die Stadt bringen" [Bringing "Dorfromantik" to the city]. Frankfurter Allgemeine Zeitung (in German). Archived from the original on 31 October 2025. Retrieved 3 November 2025.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  4. 1 2 3 4 5 6 "Pegasus-Verlag wird 25 Jahre alt" [Pegasus Publishing turns 25 years old]. Frankfurter Allgemeine Zeitung (in German). 6 July 2018. Archived from the original on 1 April 2026. Retrieved 3 November 2025.
  5. ↑ Esser, Karsten; Finkernagel, Andreas (12 April 2023). "30 Jahre Pegasus Spiele |1| Interview mit den Geschäftsführern |DE| Pegasus Spiele" (Interview). Archived from the original on 22 July 2026. Retrieved 13 July 2026.
  6. 1 2 3 4 Esser, Karsten; Finkernagel, Andreas (20 November 2024). "Bringing Fun into the Game". European Business (Interview). Interviewed by Wirtschaftsforum. Archived from the original on 10 October 2025. Retrieved 3 November 2025.
  7. 1 2 "Ringbote – Das Pegasus Spiele Magazin". Pegasus Spiele (in German). Retrieved 19 August 2026.
  8. 1 2 3 4 5 Finkernagel, Andreas; Esser, Karsten (15 January 2024). "Hinter den Kulissen: Die Pegasus Spiele Geschäftsführung" [Behind the scenes: The Pegasus Spiele management]. Blog und News (Interview) (in German). Interviewed by Nadine Pfaff. Archived from the original on 14 December 2025. Retrieved 3 November 2025.
  9. 1 2 3 4 5 6 Pressestelle, Pegasus Spiele (26 May 2023). "Pegasus Spiele in Zahlen" [Pegaus Spiele in Numbers]. Blog und News (in German). Archived from the original on 13 January 2026. Retrieved 3 November 2025.
  10. 1 2 "Pandemie ("alte" Pegasus Ausgabe) | Brettspiel Testbericht | Cliquenabend". Cliquenabend. Archived from the original on 26 April 2025. Retrieved 3 November 2025.
  11. ↑ "About". Pegasus Spiele North America. Archived from the original on 14 October 2025. Retrieved 3 November 2025.
  12. 1 2 Bunge, Nicole (16 January 2018). "Pegasus Spiele Licenses World of 'Talisman'". ICv2. Archived from the original on 1 February 2023. Retrieved 3 November 2025.
  13. ↑ "»Dorfromantik« made in Friedberg" ["Dorfromantik" made in Friedberg]. Wetterauer Zeitung (in German). 2 October 2023. Archived from the original on 24 December 2025. Retrieved 3 November 2025.
  14. 1 2 3 Tinç, Timur (24 October 2025). "Das bewegt die Brettspielbranche" [The happenings in the board game industry]. Frankfurter Allgemeine Zeitung (in German). ProQuest 3264676483. Retrieved 1 April 2026.
  15. 1 2 "Spiel erinnert an Zar-Besuch" [Game reminiscent of the Tsar's visit]. Wetterauer Zeitung (in German). 13 August 2023. Archived from the original on 1 April 2026. Retrieved 3 November 2025.
  16. 1 2 "Pegasus: Ein ganzes Haus voller Spiele geplant" [A full house of games planned]. Wetterauer Zeitung (in German). 25 April 2023. Archived from the original on 1 April 2026. Retrieved 3 November 2025.
  17. 1 2 3 Mohr, Daniel (9 December 2024). "Der Wettlauf ist enorm" [The race is enormous]. Frankfurter Allgemeine Zeitung (in German). ProQuest 3142073349. Retrieved 1 April 2026.
  18. ↑ "»Dorfromantik« im Junity" ["Dorfromantik" in Junity]. Wetterauer Zeitung (in German). 1 September 2023. Archived from the original on 1 April 2026. Retrieved 3 November 2025.
  19. ↑ "Pegasus Spiele" [Pegasus Spiele]. Friedberg hat's (in German). Archived from the original on 18 November 2025. Retrieved 3 November 2025.
  20. 1 2 "Neubau schafft Platz für noch mehr Spiele" [New building makes space for even more games]. Wetterauer Zeitung (in German). 14 April 2023. Archived from the original on 1 April 2026. Retrieved 3 November 2025.
  21. ↑ Pressestelle, Pegasus Spiele (21 October 2025). "Pegasus Spiele bei der SPIEL Essen 2025" [Pegasus Spiele at SPIEL Essen 2025]. Blog und News (in German). Archived from the original on 15 November 2025. Retrieved 3 November 2025.
  22. 1 2 ""Es ist unglaublich": Das »Spiel des Jahres« kommt aus Friedberg" [The "Game of the Year" comes from Friedberg]. Wetterauer Zeitung (in German). 17 July 2023. Archived from the original on 8 January 2026. Retrieved 3 November 2025.
  23. 1 2 Tinç, Timur (15 July 2025). "Ein bombastischer Erfolg" [A bombastic success]. Frankfurter Allgemeine Zeitung (in German). ProQuest 3230229072. Retrieved 1 April 2026.
  24. ↑ "Pegasus Spiele – Tips for Game Designers" (PDF). August 2024. Archived (PDF) from the original on 8 August 2025. Retrieved 2 November 2025.
  25. ↑ "Blue Orange Trip 2016 / Episode 1 – Pegasus Spiele – Allemagne". Blue Orange (in French). Archived from the original on 19 May 2026. Retrieved 15 June 2026.
  26. ↑ Zimmerman, Aaron (23 July 2019). "2019's "Board Game of the Year" goes to Just One". Ars Technica. Archived from the original on 25 July 2025. Retrieved 1 April 2026.
  27. ↑ Wong, Edwin (30 May 2009). "And the nominees are..." New Straits Times. ProQuest 272129981.
  28. ↑ "Village". Spiel des Jahres (in German). Archived from the original on 11 May 2026. Retrieved 15 June 2026.
  29. ↑ "Camel Up". Spiel des Jahres (in German). Archived from the original on 11 May 2026. Retrieved 15 June 2026.
  30. ↑ "Rokoko". Spiel des Jahres (in German). Archived from the original on 12 April 2026. Retrieved 15 June 2026.
  31. ↑ "Love Letter". Spiel des Jahres (in German). Archived from the original on 12 April 2026. Retrieved 15 June 2026.
  32. ↑ "Guildhall". Spiel des Jahres (in German). Archived from the original on 13 April 2026. Retrieved 15 June 2026.
  33. ↑ "Kingdomino". Spiel des Jahres (in German). Archived from the original on 17 January 2026. Retrieved 15 June 2026.
  34. ↑ "Azul". Spiel des Jahres (in German). Archived from the original on 5 June 2026. Retrieved 15 June 2026.
  35. ↑ "Our team". Next Move Games. Archived from the original on 14 January 2026. Retrieved 3 December 2025.
  36. ↑ "MicroMacro: Crime City". Spiel des Jahres (in German). Archived from the original on 11 May 2026. Retrieved 15 June 2026.
  37. ↑ "Dragomino". Spiel des Jahres (in German). Archived from the original on 18 April 2026. Retrieved 15 June 2026.
  38. ↑ "Aeon's End". Spiel des Jahres (in German). Archived from the original on 11 March 2026. Retrieved 15 June 2026.
  39. ↑ Schrapers, Harald (30 September 2021). "Empfehlungsliste Spiel des Jahres: Punktesalat". Spiel des Jahres (in German). Archived from the original on 13 April 2026. Retrieved 15 June 2026.
  40. ↑ "Living Forest". Spiel des Jahres (in German). Archived from the original on 20 April 2026. Retrieved 15 June 2026.
  41. 1 2 "Award Winners 2025". Spiel des Jahres. Archived from the original on 6 October 2025. Retrieved 3 November 2025.
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