Wizard World Having a Much Better 2014 Financially
Earlier this year, I reported on Wizard World’s financial status, where they made more money but were running at a loss.
Now they’ve released their financial statements for the second quarter of 2014, where the headline is “Company Exceeds 2013 Revenue in First Half of 2014”. I guess their expanded slate of shows strategy is working, bringing in more money.
Q2 2014 contained four comic cons, which brought in $7,110,940 (compared to only $2,901,416 in the second quarter of 2013). As they put it, “The significant increase in revenue in 2014 is primarily accredited to the Company’s team’s dedication to delivering higher quality events, including better organization, more programming, and an exciting list of celebrities and artists to an increasing fan base, which all translates to higher revenue growth.”
They’re also doing better at making money per event, with average revenue per con in 2014 up $400,000, from $1,173,723 in 2013 to $1,535,517 in 2014. Of course, this all costs more, with expenses of over $2 million ($2,002,931) in Q2 2014 as opposed to $859,536 in 2013. Bigger names cost more. But they made money. Income from operations was $759,842 in Q2 2014, while in 2013 the quarter was a loss, at -$293,666. So now, they’re making money instead of losing it. They’ve gotten rid of the derivative liabilities that ate up profit last year, so if they can keep expenses under profits, it’s all money-making from here. And now you know why people want to put on comic and pop culture conventions.