The comic convention franchise Wizard World is reporting $1.8m in losses for the second quarter of 2015. The total revenue before expenses for the company's Q2 2015 was $7.57m. This follows a recent increase in the number of shows the company has around the world to 24 yearly, including an expansion into China.
“Q2 was highlighted by record quarterly revenue and more than a twenty-percent increase in average-revenue-per-convention over the previous quarter,” said Wizard World CEO John Macaluso. “This was achieved despite unforeseen celebrity cancellations due to scheduling conflicts and other unrelated contractual obligations. While we experienced overwhelming demand for our first Comic Con in China, the event was not as successful as we anticipated due to extraordinary circumstances and venue changes. We learned from this experience, and, in preparation for the next one, will be taking greater control over the event logistics and day-of execution so that we can better serve the robust and vibrant pop culture community in China."
This is the second quarter in which Wizard World has reported a loss, after its Q1 2015 report noted $980,000, for a total of $2.78m lost in the first half of 2015. That is in stark contrast to its profits in the same period of 2014, whichi saw it earn $1.45m in profit in Q1 & Q2 of 2014.
In its quarterly report, Wizard World cited the expansion in shows and the associated expenses such as advertising, marketing and employment that came as part of that. In the second quarter of 2014, each Wizard World show earned an average of $1.8m in revenue, while in 2015 that decreased to a $1.1m average revenue.