Wizard World has released its Q3 financial report, and it’s not good. Convention revenue is down about $1 mil from Q3 2016, and down $7 million year to year. And as the SEC compels you to do, the overall picture is pretty crap:
We have evaluated the significance of these conditions in relation to our ability to meet our obligations and have concluded that, due to these conditions, there is substantial doubt about the Company’s ability to continue as a going concern through November 2018.
As explained at Newsarama, Wizard World has burned through the $2.475 million investment from financier Paul Kessler, and is seeking similar financing deals. However, since their convention costs are rising faster than income, this may be a bit tricky.
Wizard is also continuing to pursue the reentry into the content market with WizPop a daily news video announced back in the summer that has yet to materialize, as well as a quarterly digital edition of Wizard magazine. They’ve also tinkered with their mix of shows, and plan to run a reduced 17 show schedule in 2018. However, unless they get an influx of capital they may not even last that long.
Heidi MacDonald is the founder and editor in chief of The Beat. In the past, she worked for Disney, DC Comics, Fox and Publishers Weekly. She can be heard regularly on the More To Come Podcast. She likes coffee, cats and noble struggle.