The Business of Comics for September 4, 2026
The MCU Was Not Inevitable: Last week marked 17 years since Disney announced its acquisition of Marvel Entertainment. That deal was valued at roughly $4 billion in 2009, but the investment has grown into a valuation of about 54 billion, a return on investment of more than 3 times its original cost. Now, comic book fans, especially Marvel fans like me, often pretend this outcome was inevitable, but we need to remember that there was a significant amount of doubt about this deal when it was announced. Marvel had licensed out its most valuable film franchises like Spider-Man and the X-Men, and it was unclear if a family-friendly company like Disney could successfully leverage Marvel IP.
Comic book publishers also need to be aware that it is not enough to own IP. You have to do something with it. For example, Matt Watterson owns the classic Calvin and Hobbes comic, but because he decided to never license the media rights, it didn’t grow. It’s also not enough to do just anything with your IP. Universal tried to fast-track their Monster universe with horrible results. All this shows that the success of the MCU required making good deals, exploiting the IP in the right way, and a considerable amount of luck. It’s going to be difficult, if not impossible, for another publisher to replicate success at that scale again.
Streamers Still Want Comics: Netflix has allegedly acquired the media rights to several different comic book titles, varying wildly in genre and publisher. They’ve optioned horror, science-fiction, and young adult titles from publishers like Image, IDW, and Abrams. This makes sense in the current media landscape. Netflix has been interested in comic book franchises for years, signing first look deals with a variety of publishers. Part of the reason they tried to acquire Warner Brothers was the fact that DC would have been a part of that purchase.
All these deals show that Netflix, and the wider streaming entertainment industry still believe comic franchises have long-term value, which is good news for you. Just remember, if you want a seat at that table, you have to own the rights to your comic, you need to build an audience to increase the value for your story, and you need a business model that will help you survive even if Netflix doesn’t call.
Reputation is a Resource: Ed Brubaker, the author behind the Winter Soldier, is being sued for sexual, racial, and religious harassment, discrimination, assault, battery, and defamation in connection to his creator-owned series Criminal being developed by Amazon and MGM. These allegations have not been proven, and it is unclear how they will affect Brubaker’s show or his overall career, but it is the latest example of an issue we discussed at the beginning of the summer with Neal Gaiman, and last week with Warren Ellis.
Creators on all levels need to understand that success in the comic book industry is not a license to be an asshole. There are morals clauses in publishing and media contracts that can blow up a deal even if you are proven innocent. The public relations impact of an allegation can undermine projects you’ve spent years developing. Can unfounded accusations be used as a lawfare tactic to squeeze money out of successful creators? Yes. Can you suffer social backlash even if you aren’t an asshole? Yes. But reputation is a resource in the entertainment business. If you want to work in this industry, you have to protect it the same way you protect your IP.
The Paradox of Comic Book Writing: Two things can be true at the same time. For example, according to Image executive and writer Matt Hawkins, it has never been easier to become a comic book writer. That is objectively true. Comic book writers can now self-publish, get creator-owned deals, and work on freelance projects in traditional and vertical scroll comics at a level unprecedented in the history of comics. But Hawkins also goes on to say that it is harder than ever to make a living as a comic book writer. That is also arguably true. An independent publisher often has to put more money into their company than they get paid out of it for years before it generates a significant profit, if it ever generates a profit. The advances and royalties from creator-owned deals are often not enough to live on, and the related media deals from those comics are either rare or manipulated by dishonest publishers, or both. Freelance writers have to compete with talent from all over the world, and the days of being on one book for over a decade like Chris Claremont are long gone.
Of course, this doesn’t mean that writing comics isn’t worth it. Some comic writers do make a living from their craft, and a even if they don’t, a writer can generate a significant financial return on investment from comics, even if they can’t quit their day job. And creating comics is about more than just making money. It is an artistic endeavor that has creative, emotional, and social benefits that go beyond revenue. As long as you’re not trying to live off money that your comic IP hasn’t generated yet, just keep writing comics.
Have fun.
Gamal
PLEASE NOTE: THIS BLOG POST IS NOT A SUBSTITUTE FOR LEGAL ADVICE. IF YOU HAVE A CONTENT, LICENSING OR INTELLECTUAL PROPERTY ISSUE, DISCUSS IT WITH YOUR LEGAL ADVISOR OR CONTACT C3 FOR A FREE CONSULTATION.
