Diamond Bankrupt (and some ramblings about our industry...)

Some time around the beginning of the pandemic, I turned my occasional flirtation with comics into a full-fledged side hustle (albeit one that would, to date, turn no profit).

I started by getting closer to my friends at Blue Juice Comics and started asking questions. Blue Juice was created by 4 friends, originally as a film partnership. We all worked on Comic Book Men at AMC together, and they eventually started making comics with Walt Flanagan from the show, among many others. Gavin Smith, most recently of TMNT, drew their first series.

My first question, because I was bent on making my turn into comics one that could support my family, was once you have a book you love, how do you sell it? Blue Juice was almost exclusively a direct market publisher, so they told me about Diamond and how the whole system worked. When they described how this company had a monopoly on distributing comics to LCS’s, and how they did so with a physical catalogue from which stores would place orders, and how a comic publisher needed to spend thousands of dollars to advertise in said catalogue if they hoped to sell any books, I stopped them and asked:

“Why hasn’t this whole operation been replaced with an app?”

A few months later, DC pulled its distribution from Diamond and placed it with Lunar. Image followed 3 years later. I remember articles like this one at the time declaring that Diamond was NOT going bankrupt, despite losing over 80% of their comics business. Technically, I guess they still haven’t gone bankrupt as it’s just their comics distribution arm filing Chapter 11 this week, but still seems like more could have been made of the obvious trouble they’ve been in for some time.

Let me say right now that I think we’re going to be fine. The industry will be fine. 2024 was a banner year for traditional comics and DC specifically had a FANTASTIC year. Crowdfunding has reached the point where crowdfunders are mad at each other about AI covers and similar IPs. These are first world problems and the sign of a healthy ecosystem, IMO. So sweat not.

Someone, however, will have to step into the void. Diamond isn’t stopping its business… it’s just “reorganizing its debts” (not paying some of them). But unless there’s some sea change in their business model and/or the entire industry itself, I don’t see how they come all the way back from this confidence crushing news or the trajectory of the last 5+ years.

So what’s the way forward?

Personally, I think we already have a way forward. More and more, publishers and creators are turning to crowdfunding platforms or subscription models like Patreon and Substack to fund their projects. More and more, elements of manga are creeping into “traditional” comics. Last year, DC got smart about a few things. The first is the idea that their legacy heroes needed a real makeover - not like a reboot. A proper rethink. The ABSOLUTE books killed. Absolute Batman was 2024’s highest selling issue. Marvel has also done well with their ULTIMATE universe. The world needed new heroes, and the industry provided. DC also did well with two new formats, designed for the new world: DC GO! online, and their Compact Comics (5.5” by 8.5” graphic novels) which were a hit in bookstores - rare for comics generally.

As more and more indie creators call out for streamlined distribution of their indie books, someone will step into that void. Lunar will find a way, or some group of small press publishers will get together and build it. That’s how it’s always worked, when it works best, at least.

Adapt. Evolve. Or be left behind.