How Will Diamond’s Bankruptcy Impact the Annual ‘Free Comic Book Day’?

Despite Diamond Distributors’ ongoing bankruptcy, they plan to proceed with Free Comic Book Day – an event they hold a stake in – despite consistently incurring losses from it as suggested by the article.

Since 2002, the event that typically takes place on the first Saturday in May has been held annually without fail. However, this year’s event was uncertain due to a financial crisis facing Diamond Comic Distributor, the organization responsible for organizing Free Comic Book Day (FCBD). Earlier this month, Diamond filed for Chapter 11 bankruptcy due to significant debt – estimated between $50 and $100 million. The companies they owe the most money to are the same publishers that supply the comic books and other merchandise that Diamond distributes. This financial predicament has caused Image Comics, one of North America’s leading comic publishers, to refuse further distribution through Diamond.

Free Comic Book Day is one of the reasons Diamond’s in debt

As a devoted movie enthusiast, I’ve learned that Diamond Comics is pressing forward with its plans for Free Comic Book Day in 2025, even amidst their ongoing Chapter 11 bankruptcy proceedings. This surprising move comes to light despite the fact that this event has been running at a financial deficit every year since its inception, as I’ve been informed by several reliable industry insiders.

Phil Boyle, the proprietor of a significant comic retail chain (Coliseum of Comics), revealed in a post on a retailer forum that [Diamond] displayed a spreadsheet detailing the costs for Free Comic Book Day, which surpassed $20,000 in resources and assistance the previous year. This substantial figure has been verified by Popverse with two individuals who were previously part of Diamond’s FCBD operations. When we enquired about it from FCBD founder Joe Field, he provided a fitting analogy.

According to Field, owner of the California comic store Flying Colors, “Diamond has financed the promotion for all these years… and incurred a loss on it every year.” In simpler terms, he’s saying that Diamond Comic Distributors has been covering the costs and lost money annually due to the Free Comic Book Day (FCBD) promotions they organize for retailers. FCBD is similar to having an extra week or two of comic-related tasks like picking, packing, and shipping, but all compressed into a short period.

It seems that the Free Comic Book Day (FCBD) may not have been as successful as one might assume, given its duration of nearly a quarter century. If Diamond Comics Distributors didn’t earn significant profits from this event, it could further reinforce the idea that even comic book movie enthusiasts don’t show much interest in the comics intended to be promoted through these free specials. Moreover, when the quality of stories in mainstream comics is poor, it becomes challenging to retain readers, old or new, for an extended period.

It might be more beneficial for Free Comic Book Day (FCBD) to come to an end, and it’s time for the comics industry to explore new ways to format their publications. I’ve often argued that paperback or hardcover formats could be advantageous in the long run, not just financially but also creatively. Moreover, if Marvel, DC, and other publishers were to cease their frequent company-wide crossovers, as these seem to worsen the situation and restrict creative freedom. It’s worth noting that a significant number of publishers are dominated by individuals with leftist views, which could potentially limit hiring diversity. This trend, unfortunately, appears to be harming the industry overall.

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2025-02-04 17:30