Wizard World saw 66% increase in convention revenues in 2013
Wizard World Inc., which debuted in January 2011 as a publicly traded company, reported nearly $11.2 million in convention revenues in 2013, but still claimed a $3.6 million net loss for the year.
According to documents filed today with the Federal Exchange Commission, those revenues amounted to an increase of 66 percent from 2012, attributed to the expansion from seven conventions to eight, and “management running better advertised, social media driven events resulting in an increase in attendance.”
Wizard World also increased ticket prices, as well as “the overall size and scope of each event,” leading to an average per-convention revenue of about $1.4 million (up 45 percent from 2012).
At the same time, the company saw operational expenses increase 77 percent to $3.9 million, chalked up to an increase in salaries and number of employees, plus share-based payments. The net loss owes primarily to mark-to-markets adjustments and share-based compensation.
Gareb Shamus, the divisive founder of Wizard magazine who resigned as president and CEO of Wizard World in 2011, remains the largest individual shareholder.
Wizard World has been rapidly expanding its roster of conventions, with 16 events planned this year alone. Last month the company also announced it has teamed with online content distributor Cinedigm to launch a digital channel targeting fans of comics/pop culture conventions.