While sales of graphic novels and manga continued to drop from the record sales they notched during the pandemic, and comic stores found it challenging to keep existing customers and bring in new ones, overall numbers have stayed impressively robust.

These were some of the key findings included in this year’s state-of-the-industry white paper from ICv2, presented by founder and president Milton Griepp at the annual ICv2 Insider Talks business conference, held at New York Comic Con on October 17. The white paper—which ICv2 builds from data compiled from Circana BookScan Book Channel POS data along with estimates for crowdfunding, bookfairs, and other outlets lacking specific POS data—reported that sales were down 7% from the “Covid peak” of 2022 but far from collapsing, with sales still 67% above where they were in 2019. Griepp described this resilience as a sign that the industry was “hanging on” to many of the new customers it engaged in recent years who “seem to like what they found.”

Of the roughly $1.87 billion in recorded comic sales from 2023, the majority (about 61%) continued to be through book channels, with about 36% selling through comic stores. This represented a slight overall decline in both channels from 2022, with a larger overall drop from comic stores (which had a 41% market share in 2019). However, sales through book fairs showed a 12% uptick, reflecting the return of in-person schooling, which has provided opportunities for vendors like Scholastic. Among the most notable numbers reported by ICv2 was the dramatic growth of crowdfunded comic books, which were up 30%, and included such standouts as the Good Omens Kickstarter campaign, which raised £2.4 million worldwide.

Griepp also spoke about some of the larger comic industry trends. The white paper’s breakdown of content category (author-driven, manga, superhero, kids) sales revealed manga had the largest drop (down 21% in the first half of 2024), with kids’ sales showing the “slowest decline rate.” Referring to the necessity of attracting new readers, Griepp noted comic periodicals, which have continued losing ground in the past few years to the graphic novel format, are “not really a way new customers are being acquired.” He described the audience acquisition process as a “funnel,” with customers at the top becoming aware of different properties through movies and TV shows, as well as graphic novels, which are easier to understand and more apt to draw people in since they can present “a complete world” rather than a snippet of an ongoing story. DC’s new “Compact Comics” series appeared particularly successful at attracting new readers, given its smaller format (6” x 9”) and lower price point ($9.99).

Unsurprisingly, when the white paper broke out graphic novel sales in comic stores for summer 2024, it revealed eight of the top 10 were superhero titles. More notable was that a powerhouse like Marvel—which Griepp positively described as re-prioritizing properties like X-Men, which had languished prior to the recent consolidation of rights “under the single umbrella” of Disney—had few slots on that list. Image and DC were well represented, with IDW’s “incredible long-term bestseller” Teenage Mutant Ninja Turtles: The Last Ronin topping the chart. Marvel’s dominance was more apparent in comics periodicals, where series like Deadpool, X-Men, and Spider-Man accounted for 9 of the top 10 sales.

Reflecting the comics industry’s state of flux, each of the panels following the white paper presentation highlighted a different facet of those changes. A conversation between Webtoon executive David S. Lee and Global Comix CEO and founder Christopher Carter moderated by ICv2’s Rob Salkowitz provided a lively history and forward-looking preview of digital comics. The dominant theme was around improving accessibility and meeting readers where they were, potentially “with a single click,” according to Carter. Describing the growth in vertically-scrolling comics designed for smartphone reading, which works for most but not all print comic formats, Lee compared the experience to watching the film Interstellar on a plane rather than in an IMAX theater: “It still has value.”

Other changes facing the comics industry were reviewed in a discussion on the “disintermediation” created by the kind of direct-to-consumer sales not captured in ICv2’s white paper. Dynamite Entertainment’s CEO Nick Barrucci built on Griepp’s earlier comments about expanding the comics audience by arguing that despite trepidation over direct-to-consumer efforts like Kickstarter “cannibalizing” sales, they instead help “grow the fan base.” Former Boom Studios executive Filip Sablik, who recently cofounded comics publisher Ignition Press, described his experience with the breakout Kickstarter campaign for the Keanu Reeves-led BRZRKR comic as illustrating the importance of breaking through the new release chatter and connecting with audiences. Sablik saw that connection being strengthened by comic shops, which he sees as not just another channel for moving product but “third places that sell community” and hopefully provide fans with a “deeper experience” than they can get elsewhere.