IDW HAS MASSIVE LOSSES
Posted: 020720

In Spite of Successful Streaming Shows, IDW Lost Millions in 2019!

IDW Entertainment, the company behind Locke & Key and the licensed properties such as Transformers, Ghostbusters and Teenage Mutant Ninja Turtles, has reported huge financial losses in 2019. In the companies fourth quarter and full fiscal year report IDW Chairman and CEO Howard Jonas remarked, "In the fourth quarter of fiscal 2019, revenue was boosted by delivery of V Wars and the majority of the October Faction episodes to Netflix, while the legacy production finance agreements utilized for these shows and production cost overages resulted in significant losses. The remaining impact of these legacy deals will be recognized in the first quarter fiscal 2020 results reflecting the delivery of the balance of October Faction episodes to Netflix. Looking ahead, IDW Entertainment is delivering season one of Locke & Key to Netflix and we expect that it will contribute to our bottom line in the first half of fiscal 2020." IDW lost $ 26.4 million in 2019 but Jonas thinks the TV deals as well as possible revenue from merchandising, games, video on demand, and other fan driven channels should put them in the black by 2021. One possible source of revenue could come if IDW decides to list the company on a national stock exchange.

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