The recession and cost-cutting again rears its ugly head. The upcoming Batgirl film that was in post-production has been cancelled. The director seemed in shock at the sudden news and posted their thoughts on Instagram. Sadly, the move was sudden but not unexpected in this financial environment and corporate landscape. Let us look deeper into this decision and see how it impacts the comic book collecting hobby.
Warner Bros. Discovery Merger
When Warner Brothers merged with Discovery, changes were made. CNN+ was killed only months after the platform’s launch. Gone were the days of throwing money away needlessly. Comic book properties were not immune from the accountants’ cost-cutting moves. The CW saw a bloodbath as show after show was axed. The Flash has announced its final season, and even Superman and Lois was retooled to reflect the Arrowverse implosion. New bosses mean new visions. The signs were there for all to see.
Shows that were once mentioned on sites sparked investor frenzy and FOMO. Remember the Green Lantern series that was rumored at HBO Max? That was a while ago and has the needle moved? The Wonder Twins were mentioned as possible big or small screen candidates and Super Friends #7 jumped in value.
Rather than buy what is proven, speculators spent feverishly to keep ahead of the curve to scoop up the next “hot” property. That issue has now dropped drastically in value. Then, we had the Batgirl news – and everything should change.
Batgirl dies when she was ready to be born
Detectives Comics #359 has always been a key comic book for collectors and investors alike. This book has the first appearance of Batgirl. During production of the film, costs had soared from the original plan. Actors such as Leslie Grace, JK Simmons, Brendan Fraser, and Michael Keaton were involved in the production. The film had filmed and reached the post-production stage. Then, the news broke that it was canceled and was now going to be used as a tax write-off.
That means the film will not be sold to another studio. The film will not be released on the Internet, in theaters, or on television. The film is dead! Warner Bros. Discover would rather take a tax write-off for this loss rather than try to sell or release it. The problem is that that choice may have been only the beginning.
Other films and television series have not moved much from announcements. Justice League Dark, Green Lantern, Blue Beetle, and other properties are now in a state of limbo. The Flash has received negative buzz because of the star’s recent bad press, and this may not help the situation. Dollars are tight and the economy is not as robust as it was before these productions were announced.
Furthermore, successful peer productions like Ms. Marvel have seen some backlash from fans who may not have embraced it as they did other shows. Then there is a diminished box office. Thor: Love and Thunder was a good film, but it did experience a box office drop.
The movie will still be a success, but cracks are starting to appear. The problem is that some collectors and investors may have not taken notice because times were good.
FOMO NO MO
Inflation has hit the world economy. Investment and collector dollars are drying up. Recently, displeasure has been voiced about both the DCEU and MCU properties. Sites have released speculative picks for how investors can get rich quick by getting in on issues before others target them. Collectors have fought with investors in bidding wars to get those books they want to add to their collections that suddenly were in vogue. The problem is that sales data was ignored because of the FOMO factor. That may have to stop now.
Investors and collectors alike should use the sales data now more than ever. Set limits and be very conservative in the perceived return on investment collectors target with their purchases. Collectors should be patient because now even more “can’t miss” books will come to market with prices slashed. Review sales data to determine where a book’s FMV was before any news that may have spiked interest in it.
FOMO was a driving force in the comic book market. Fear of missing out caused many to leap at perceived opportunities before a thorough review of the book could be performed. Due diligence was ignored at the altar of FOMO. The Batgirl film decision is a game changer. A film in post-production being written off is a warning sign now to collectors and investors. Sure things are not as sure anymore. Warner Bros. Discovery can write off the film as a loss, but many investors and collectors paid inflated prices for issues to go along for the ride. Now those people feel they were taken for a ride.
Let the dust settle
The Batgirl cancellation must now cause the collectors and investors to pause. FOMO caused people to jump into books but do not follow one rash decision with another. Books like Detective Comics #359 will always be prized among collectors and investors. Batgirl books with noted artists will also hold their own even with the film’s demise. Characters that were intended to be introduced in the film may see a re-introduction somewhere else. This news is just breaking so let it sink in before bad decisions are made.
Now more than ever is the time to review sales data and study census populations. People still find great properties in bad real estate markets. Investors still make money in bear markets. The key is due diligence. Put the time into the decisions one makes. Investors should realize this is part of the process to make money. Collectors should view it as part of what goes into building a quality collection.
The film’s cancellation for a tax write-off is a wake-up call to everyone who buys and sells comic books. The key is whether people will see the warning sign or choose to ignore it and go on with business as usual. Warner Bros. Discovery changed and so should you.
Rest in peace, Batgirl.
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*Any perceived investment advice is that of the freelance blogger and does not represent advice on behalf of GoCollect.
18 comments
What a waste of a movie. It obviously wasnt considered very good by the executives. How pointless writing it off after all that effort. I wonder if the shareholders had a major say and were only thinking about their profits or rather considered lack off. Could well become a cult movie on the black market. .It seems everyone is already battening down the hatches as the thinking is a full blown world recession is beginning. Could be the toughest winter in many many years. I only hope it is a warm one.Time to change the world order of governments me thinks.
There will be no black market film because it sadly will not be released in any format… Many films go into film limbo but they are usually shorts or films that lost distributors. This one is going to never be released because of a limited time span that accounting practices will allow a write off because of the merger.
This may have major consequences with comic books and comic book properties. Already She hulk is being released a day later than planned. That again was just announced. They want the numbers to pop and a small initial viewings the first day of release may not be a good sign to investors.
So i now ask you…a major comic book fan..how has it impacted you both the news of batgirl being cancelled and the recession?
A movie doesn’t need to be released for copies to circulate on the Black Market.
All it takes is a brave employee at WB to make a quick digital copy or for a screener to leak.
Happens all the time and I’ll bet that within a few years we’ll be seeing this at conventions alongside other lost gems of the past.
Kevin
I worked on Batman v Superman. I actually listened to Zack Snyder talk about the days shoot when I was on set few times. Everything we did was documented. They will know who had access. If it gets out they will know who did it and the cost will be that person’s career as well as their pocket book. Bit and pieces could come out..but that may be it this time.
Considering the numerous cloud hacks and web-based security breaches we’ve seen at major studios in the last few years, an unplanned leak doesn’t necessarily need to come from production personnel –and so any unsanctioned release would be difficult to narrow down to a single person with access (and even harder to prove). Since all film work is basically freelance these days, virtually every employee on the Batgirl payroll is already on a different project now. While there are steep penalties for insider piracy, there are very few repercussions unless a leak can be 100% proven because there are more jobs on special fx laden films than there are people to fill those positions.
I have a feeling that this “cancelled release” may actually be a publicity stunt to work up a grassroots campaign (whether organic or engineered) to “Release Batgirl.”
As long as it gets released in a different fiscal year they can monetize both the initial loss and the subsequent revenue. WB numbers were already way down and so taking an $80Mil loss in an already weak quarter may help to stabilize stock prices in the next quarter. We saw the stock plummet this past weekend, which automatically resets fiscal goals to a much lower target in Q3 + Q4 (and possibly Q1 of 2023).
Another thing to bear in mind is that expectations are now so low that even a bad movie is likely to be seen as “not that bad” by comparison when it finally does see the light of day. And I’d be very surprised if WB doesn’t eventually release it. They saw HBO Max subscriptions increase by 3 million when Zack Snyder’s Justice League Director’s Cut hit the streaming service, so even a vastly less anticipated film will provide a bump in subscribers.
Never had a lot of money so always been careful with it. I dare say there are unfinished drafts of the movie and someone somehow retrieved a copy of the unfinished movie and stored it away for a later date, could be very profitable for DC sometime in the future using clever lawyers. The recent movie verse of heroes has been good to comics bringing out worth in long forgotten stories and characters and has brought out considerable debate amongst commentators.There is much much more good stuff coming once this incoming ‘depression’ disipates. Anyone who can should hold onto their books and wait it out. My philosphy has always been to do your research, create a wants list that varies from month to month and ONLY source those books at a price i consider acceptable. If i came across the first Batgirl at a good price/ cheap i would consider it. Would never pay market price from a dealer who knew what he had and i personally have never bought anything off Ebay or auction sites.Reading sites like this they have occasionaly given me FOMO but i find it a thrill to find any hot book usually extremely cheap in a NM condition. Older books lower conditions are acceptable for long term holds. Could call me extremely thrifty, sometimes not getting a good deal..Said it many times but i try to keep the hunt exciting…Yes i think you could say i am a major comic book fan probably like yourself..There have been times where i have got bored with collecting though. DC were always my go to books as a younger. Unusual heroes, Challengers of the Unknown, Metamorpho, Legion of Superheroes with all the Legionaires { Always trying to complete the brilliant 1970s run in NM condition only raw), Unknown Soldier, Haunted Tank, Batman darker horror stories with Dracula, Solomon Grundy, Swamp Thing etc, Superman twisted villains, Krypto, Supergirl ( favourite heroine}, JSA, Plastic Man, Superfriends ( Will find a NM+1 one day raw}.Economies are now beginning to suffer and possible society breakdown could be a consequence unless the banks and governments get a grip and do not just let this hit primarily the poor and middle wage earners (the majority) with blinkered eyes and just accepting it which is the impression i am getting. As far as i can see this is not a comic crash it is the total economy. The pandemic, present conflicts, mass uncontrolled immigration, poor wages, worsening living conditions, all services at breaking point, climate change.All have reached the top of the pyramid point and there is nowhere else to go presently..The value of the dollar could be worhless for a while the way things are heading. Inflation maxxed out unfortunately…
Now, if we could just find who was responsible for the CW’s Bratzwoman
I’m surprised it took the executive team this long to protect the DC intellectual property. After so many screw ups, it’s about time they stop producing substandard products. I’m starting to see Marvel/Disney screwing up with weak stories, characters that are not adhering to the essence of Stan Lee’s vision and pandering to an audience that cares nothing about the spirit of comics or characters.
The sad thing is I have waited a long time to see more comic genre in movies and now they are screwing it up.
Kenloi, you are correct. The governments with their push to focus on climate change believe that the magic bullet is carbon tax. But all that this tax does is create inflation. This tax punishes the poor and the lower middle class – you could jack up the cost of gas to $25 dollars per gallon and the rich will complain but pay it. It’s the poor and lower middle class that have to carry the economic burden. If you want to change peoples consumption patterns, then you have to go to the source of the pollution. By focusing on the manufacturing standards in China or any other country and requiring that they meet California’s pollution standards you can actually cause change. This would mean that these companies will be audited by an US government inspector two times a year. Questions like where do you dispose of your waste, what percentage of the finished product has recycled components in it, etc. You can also add social standards too ( how do you treat your minorities, religious, sexual differences). By focusing on CEM standards (carbon environmental manufacturing standards) we start to change the way we consume. An example would be the Bic pens we buy from Costco a box of 20 for 10 dollars. By requiring this cem standards we will have less pens in a box 10 vs 20 at the same price but this product it manufactured using environmentally sound practices and not requiring a so called tax that does not solve the real problem. Remember a particle of carbon created in China or any other country is no difference then one created in the US. And if That company does not want to change their standards then they cannot export their product to the US. That will allow US citizens to start companies to manufacture these products using cem standards.
I acquired my copy of Detective Comics 359 years ago at a grade I could afford. It’s a long term hold for me so I am good. Regarding buying in this current market, I am focusing on a couple of classics issues: Wow Comics 10 and Action Comics 252. I think it helps to narrow what I really want and tune out the distraction that will siphon money away from my wish list. Although I have to say it is not easy!!
I suspect most people know that this planet is at bursting point regarding mismanaged everything.As usual all we do is say what we will do to prevent this or that when it is too late. I believe we must try to save this planet and its atmosphere but we are not doing it correctly. I don’t have an answer by the way. Who knows if the people in governments are doing these things for their egos or are genuine in healing the world. Nobody listens due to the way we are programmed to live our lives to earn money to survive and pay our taxes to mismanaged governments. Population size must be looked at but once again conspiracists will say that is a step too far. Plant millions of drought resistant trees to clean our polluted atmosphere instead of short thinking housing developers destroying the land for profit to house people who will constantly breed. It is a vicious circle of course. In 15 years time when it is too late we will be saying the same things. Government leaders will have their safe havens to temporaliy live in while the minions around them paid to protect them will be dropping like flies. We need a harmony and a genuine person or people who can see through this madness and have the ability to solve it quickly. In 15 years time perhaps we will be as we are now, obsessed with superhero movies and collecting comics. Perhaps this predicted recession never ended, paper money is useless and society did break down and everyone lives in tents in overcrowded streets and storing plastic covered comics away for personal money gain will be pointless. Perhaps i’ve been in the sun too long……..
Batgirl is an example of what happens when you cater to the woke crowd.
EY
i am not sure if it was to the woke crowd that caused this film to die. The sad thing is that we might never know the answer.
Here we go, let’s blame wokeness. If wokeness was the sole reason for failure Ms. Marvel would have failed and it didn’t. Good writing and directing make the primary difference, hence the different levels of success between dc and marvel.
Wolvie
Welcome to the boards where all comments are welcome.
Ms Marvel writing and directing was highly done. The problem is that the viewership was down. Areas where this show is taking hits is that it appears geared to younger audiences; it was woke; and that it is an over saturation of the market. Hawkeye introduced younger characters but still had an established star to tie into the MCU. Ms Marvel maybe was lacking those strong connections. Also for some there is a growing need for escapism, be you hard right or far left. Some people want an escape and sometimes want to watch something mindless to help them forget. As a kid i loved to learn but that did not mean i wanted to always watch shows that taught me something. Finally what once was unique may not be. There could be many reasons why Ms. Marvel total viewership was down. PS I am not the only one who mentioned these as possible reasons for the series lower viewership. They have been mentioned before as well as covered by other journalists, to wit
https://www.forbes.com/sites/paultassi/2022/06/18/why-ms-marvel-viewership-is-reportedly-much-lower-than-other-mcu-series/?sh=2dd9a1f51d23
Joseph, thanks for the response. You are correct based on viewership Ms. Marvel may not have been a big success. However, based on critical response (which I know not everyone cares about) it was a success, and it still has a better Rotten Tomatoes viewer score than some DC movies despite some evidence of being “review bombed” by people who did not watch it. I still think good writing, directing, and casting can win out (which is why Marvel is beating DC overall in TV/movies).
My bigger issue is the seemingly knee-jerk reaction by some to any show or movie that they do not like that it is too “woke”. My problem is that this has become basically a nonsense word that could mean many things. For instance, when I hear it I think that means it involves characters that may not be white or straight or whatever. It may discuss issues like prejudice. Or, it may discuss cultural differences. To me none of these are off-putting (and I’m an old, straight, white guy). However, for some they might be. My issue, is if you find something specifically problematic, then call out the specific problem for you (e.g., don’t like non-white, non-straight characters) instead of hiding out behind the blanket term of wokeness.
Finally, I am constantly perplexed by complaining of wokeness by comic fans today, who argue that today’s comics are too woke (again, what is the exact issue for you specifically?). On the one hand, some titles are historically rooted in wokeness (i.e., x-men) and by this I mean focusing on issues of discrimination/prejudice–Stan Lee wanted a metaphor for the civil rights movement and how some heroes might be hated because of how they are born. You can find discussions of mutant hatred/prejudice in Lee’s writing as well as my favorite run– Claremont/Bryne. So, in essence “wokeness” is not new, it is inherent in some of Marvel’s books. This also goes against the claim that all of the sudden Marvel writers are trying “to shove wokeness down our throats”. There are over 60 years of Marvel comics and most of those books were geared toward white boys/men, so I find it funny that a little ethnic/racial, sexual, cultural diversity in comics is all of the sudden shoving something down our throats. Is there more diversity in comics today that 60 years ago–no question. But, we are also aware of more diversity in the real world today than we were 60, 40, 10 years ago and the racial/ethnic population in the U.S. is also shifting–so why shouldn’t comics represent this changing world?
Thanks for listening. Keep up the good work.
Wolvie
I encourage you to keep commenting because we have to know what everyone is thinking to get a better understanding of the market. I want to try to defend some of the people who complain about wokeness because as a journalist (Not blogger LOL) who actually talks to people I try to get a feeling on the subject.
Characters though now in the MCU are starting to become younger and as you said more diversified. That is not a bad thing if done like Stan Lee to show the differences in society and to teach some life lessons. The problem fans are having is that now that seems to be the norm where every show or movie wants to teach. Not every issue of X-Men was about a lesson. Fans who complain about “wokeness” are afraid every show will teach a lesson or must feature a character that demonstrates a knowledge of understanding on behalf of the writing team. This then destroys that tapestry that you mentioned in your comments. Fans want some mindless violence or humor. They want to escape reality or at least have the lesson more subtle than in your face to allow them to escape. Not many realized the Book of Boba Fett had lessons in it, but it did. LOL
I kind of liken it to every show mirroring the success of Sesame Street and trying to teach, and yet the Muppet Show had the same characters and tried to entertain. Comic books must never lose sight that they are there first to entertain and if they lose their audience they then can never ever hope to educate. Stan Lee knew that. It is the reason fans like me loved reading about the Falcon or Luke Cage and yet he never looked like us in the mirror.
Hit the nail on the head , Joseph. We want to read and watch entertainment to enjoy, to take us away not to be lectured by other peoples standards all the time.. Most people know right from wrong. Still haven’t seen Ms Marvel tv show but have always liked the comic series from the beginning. The potential is there once they get it right…Iman Vellani seems a good choice to take the character forward. Hopefully with good writing that doesnt just target a woker younger audience..