As of this writing, AfterShock Comics has officially filed for Ch. 11 Bankruptcy. Unless you’re a die-hard comic reader of AfterShock titles, you’re unlikely to notice a major shift in your Pull List, but this is big news nonetheless.
AfterShock’s comic lineup trends toward the eclectic with a lot of surreal psycho-horror, violent killer dramas, a little bit of fantasy, and a sprinkling of sci-fi. In other words, non-superhero comics. But AfterShock’s bankruptcy is generating ripples, and those ripples have less to do with the unavailability of AfterShock titles from your comic Pull List and more of a reflection of the overall health of the Western Comics Industry.
Before you jump to conclusions, no, this isn’t a “Comics are Dying” opinion. In fact, I’m a firm believer that the Western Comics Industry (WCI) isn’t dying. It’s going through a disruptive (and necessary) change, much like a natural forest fire burns away the old, dead wood for a new forest to grow. Life moves in cycles of endings before new beginnings, and now is the WCI’s time to end before it can start a new beginning.
So, what do we know about the AfterShock bankruptcy and how it applies to the broader WCI?
We know AfterShock leaned heavily on PPP loans during the COVID-19 lockdown because the company didn’t have enough cash reserves to keep essential employees going. That same PPP band-aid was used by multiple comics publishers and comics-related new outlets, and now the band-aid is coming off, exposing weaknesses in each organization’s cash flow.
We also know AfterShock’s business model leaned on published comics as a secondary focus for idea generators, presuming those ideas would make “big money” with options and Hollywood adaptations. In other words, AfterShock’s business plan viewed comics as a loss leader to enable movie deals. We’ve seen over and over how unstable that approach can be. Now that Hollywood is projecting the worst box office year in decades and streaming services are showing signs of stagnation and decline, resulting in tighter belts, publishers and creators looking for movie money are left stranded.
Putting those revelations from AfterShock’s bankruptcy filing together, we see at least two major factors that contributed to AfterShock’s collapse that have nothing to do with the comics they produce.
- AfterShock is cash poor, meaning it isn’t running its business for profitability.
- AfterShock’s business strategy is not focused on its main product – comics.
Anyone who’s been paying attention to how the WCI has operated over at least the last decade can see similar patterns in other publishers. IDW, Valiant, Oni Press, and several other publishers have similar stories waiting to bubble up to the surface.
Unfortunately, we can expect a few more Bankruptcy announcements in 2023, possibly sooner than later.
Does this mean the WCI is “dying”? No. Just like the forest fire cycle, the dead wood is burning away to make room for new growth. New publishers will spring up with a “comics-first” mentality. Older publishers will adopt a meaner, leaner, smarter business strategy. Independently created and crowd-funded comics will continue to contribute to a flourishing cottage industry. Yes, the bigger publishers will undergo one or more ugly shakeups, and sadly, a few of the smaller publishers may cease to be.
2022 was a painful year for the WCI. There’s nothing to be done about bad business decisions coming home to roost, but with a new day (and a new year) comes the potential for hope. 2023 promises more pain but also the opportunity for new life.
Here’s to you and yours. Happy New Year! And may 2023 be a year of great change that brings new life for the future.
We hope you found this article interesting. Come back for more reviews, previews, and opinions on comics, and don’t forget to follow us on social media:
If you’re interested in this creator’s works, remember to let your Local Comic Shop know to find more of their work for you. They would appreciate the call, and so would we.
Click here to find your Local Comic Shop: www.ComicShopLocator.com
As an Amazon Associate, we earn revenue from qualifying purchases to help fund this site. Links to Blu-Rays, DVDs, Books, Movies, and more contained in this article are affiliate links. Please consider purchasing if you find something interesting, and thank you for your support.