ICv2 White Paper 2025 - The New World of Comics

Milton Griepp presented the ICv2 White Paper at the ICv2 Insider Talks held at New York Comic Con on October 9, 2025. The White Paper covered the surprising shifts in the comics and graphic novel market that are transforming the business.

1. The ICv2 White Paper
The New World of Comics
October 2025
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

2. Co-Sponsored by:
Sponsored by
:

3. Our Agenda Today
•Setting the stage
•Comics and graphic novel sales in 2024
•The 2025 trends
•Where are we headed?
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

4. 20-Year Trends
•Graphic novels growing faster than comics
•Book channel, including online, growing faster than comic
stores
•Variants and higher prices holding up comic sales –more
dollars from fewer people
•Collector-driven comic sales
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

5. How We Build Our Model
•CircanaBookScan Book Channel POS Data
–Subtract ComicHubdata to avoid double-counting
–Delete titles miscategorizedas graphic novels
–Account for book channel retailers not tracked by NPD, Canada
•Estimate for book fairs
•Estimates for crowdfunding and newsstand
•Comic store channel estimates built from trend analysis
based on ComicHubPOS data and past market size
estimates from Diamond Comic Distributors analysis
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

6. 2024 –Growth Resumes!
•Comics and graphic novel
sales back to growth
•Settling near Covid highs
•73% above 2019
•High trial led to high
repeat!
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

7. By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

8. 2024 –Where People Buy Comics
•Book channel down
1.4%
•Comic stores up 13.3%
in dollars, units down
•Other channels flat
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

9. 2024 Trend Reversal -Channel
•Spread between book channel and comic stores narrows!
•Comic store channel up due to pricing
•Book channel down because manga
–Manga dollars down 13.2%, units down 17.1%
•Other channels roughly flat
–Book fairs down in units, but higher prices
–Kickstarter up (G.I. Joe sets new record over $3M)
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

10. By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

11. How People Read Comics
•Graphic novel format up
1.3%
•Comic format up 12.2%
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

12. 2024 Trend Reversal -Format
•Spread between graphic novels and comics narrowed
•Graphic novels still over 76%
•Graphic novels were 70% in 2019
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

13. 2025 –Comic Stores Booming!
•Sales through August up 27% (ComicHub)
•Comics and graphic novel trends nearly identical
•Faster growth in Spring than Summer (29% vs. 25%)
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

14. 2025 Trend Reversal –Readers!
•New comic buyers flocking to stores, new subscribers
•Popular titles:
–Absolute
–Marvel Ultimate, Invincible, Energon, manga
•Blind bags bringing in pack-rippers, who keep reading
•Back issues: slabs down, inexpensive reader copies up
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

15. DC’s Absolute Biggest Driver
•Accessible story
•In print
–41 issues across 7 titles reprinted in last three weeks
–5-8 printings on top 4 titles
•Manga vibe
•It’s always what’s between the covers
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

16. Top Comic Dollars –Summer 2025
•Blind bags driving big
numbers
•Absolute Batman on top
•Marvel #1s
•(Rankings via
ComicHub)
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.
RankTitle Publisher
1
Invincible Universe Battle Beast #1
Image Comics
2Absolute Batman #8 DC Entertainment
3Absolute Batman #9 DC Entertainment
4Absolute Batman #10 DC Entertainment
5Ultimate Spider-Man Incursion #1Marvel Comics
6Captain America #1 Marvel Comics
7Batman #160 (Batman Hush 2 #3)DC Entertainment
8Imperial #1 Marvel Comics
9Absolute Batman #11 DC Entertainment
10Fantastic Four #1 Marvel Comics

17. 2025 Trend Reversal –
YoungReaders
•Inexpensive, accessible content (Absolute, digests)
•Graduation from kids and middle grade graphic novels
•Migration from manga
•Search for community
•Media environment
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

18. Graphic Novels
•Comic stores up behind Absolute, Invincible, more
•Comic store availability impeding growth –distribution,
publisher surprise
•Book channel –Top 20s mixed
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

19. Top Graphic Novels in Comic Stores
Summer 2025 (Dollars)
•Invincible 3 of
top 4
•Absolute,
Energon,
Ultimate most
of the rest
•(Rankings via
ComicHub)
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.
RankTitle Publisher
1
Invincible Compendium Vol. 1
Image Comics
2 Invincible Compendium Vol. 2 Image Comics
3 Absolute Batman Vol. 1 The Zoo DC Entertainment
4 Invincible Compendium Vol. 3 Image Comics
5 Transformers Compendium Vol. 1 Image Comics
6 Ultimate Spider-Man Vol. 1 Married With Children Marvel Comics
7
Transformers Vol. 3 Combiner Chaos (Daniel Warren Johnson
& Mike Spicer Cover)
Image Comics
8 Supergirl Woman of Tomorrow DC Entertainment
9
Transformers Deluxe HC Vol. 1 (
Daniel Warren Johnson
& Mike Spicer Autobot Cover)
Image Comics
10 Saga Vol. 12 (Mature) Image Comics

20. Notes on Manga
•Book channel manga as down 17.1% in units and down
13.2% in dollars, per CircanaBookScan
•Following declines in 2023
•Manga up 12% in comic stores this year, per ComicHub
•Anime-driven
•Dollars boosted by deluxe editions, box sets
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

21. Notes on Digital
•Most active period for digital comics in a decade
•Webtoon raised $365 million on a $2.9B valuation –
vertical scroll a key new format for existing and UGC
•GlobalComixnow offering subscription and purchase
models, vertical scroll, day and date
•Neon Ichiban launching, with collectible features
•Crunchyroll back in digital manga business
•Digital now 73% of manga business in Japan
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

22. Notes on Distribution
•Path of Diamond bankruptcy very disappointing
–Financial damage to publishers
–Publisher access to channel disrupted (book houses, manga,
small publishers)
–Retailers challenged to adapt
–Data flow in flux
•New distribution structure preferable to sclerotic
Diamond monopoly
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

23. It’s a New World
•Comics growing faster than graphic novels
•Comic stores growing faster than book channel
•Growth from readers instead of collectors
•New comic consumers are younger
•New audiences from webtoons, webnovels
•Manga a force
•Digital stirring
•Distribution transforming
•Data flow rebuilding
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

24. What’s Next?
•What do publishers do with the lessons of today?
–Accessibility
–Availability
–Collectability
–Target consumers
•Nurturing creativity
•Can distribution transformation pay for costs?
•Role of manga
•Does digital continue additive U.S. pattern?
By Milton Griepp: [email protected]
©2025 GCO, LLC. Do not reprint without permission.

25. Co-Sponsored by:
Sponsored by
: