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Happy Sunday!!
Today, we're covering
Why page rates haven’t moved in 35 years while movie revenues exploded
The math that shows comic writing pays less than minimum wage
How James Tynion IV and top creators abandoned Batman for Substack
Why the industry’s collapse might be inevitable without radical change
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Today’s Edition
Top Marvel writers still make roughly $300 per page - the exact same rate they made in 1990. Adjusted for inflation, that means today’s elite comic writers earn 60% less than their predecessors did 35 years ago.
Meanwhile, the characters they write generate billions in box office revenue.
The Avengers franchise alone has grossed over $7.7 billion globally.
Spider-Man films have made $10+ billion.
The writers who created the storylines, dialogue, and character moments that Hollywood adapts? They’re making poverty wages.
This isn’t just unfair - it’s unsustainable and the exodus has already begun.
THE FROZEN WAGE SCANDAL
The numbers tell a story of systemic exploitation dressed up as creative opportunity.
Current Marvel/DC Page Rates:
Based on industry surveys and creator disclosures:
Writers: $80-100 per page at Marvel, $99-111 average at DC
Top-tier writers: $300+ per page (rare, for A-list talent on flagship titles)
Pencillers: $160-260 per page starting rate
Inkers: $75-100 per page
Letterers: $23-25 per page at Marvel
The 1990 Comparison:
Industry veterans confirm that top writers in 1990 were earning $250-300 per page. That same $300 in 1990 dollars equals approximately $750 in 2024 dollars after adjusting for inflation.
What This Actually Means:
A writer earning $300/page today is making 60% less in real terms than their 1990 counterpart.
For writers at the $80-100/page level, the purchasing power drop is even more severe - roughly 70-75% less than equivalent work paid 35 years ago.
THE BRUTAL ECONOMICS OF COMIC WRITING
Let’s run the actual math on what it takes to survive as a Marvel or DC writer in 2025.
Monthly Output Reality:
A professional comic writer working full-time might produce:
2-3 issues per month (typical workload for established creators)
Each issue averages 20-22 pages of script
At $100/page (solid rate), that’s $2,000-2,200 per issue
Monthly income: $4,000-6,600 before taxes
Annual Earnings:
High-productivity writer (36 issues/year): $72,000-79,200
Average writer (24 issues/year): $48,000-52,800
Both figures are BEFORE taxes, health insurance, and business expenses
Compare This To:
A Marvel Associate Editor makes $38,000-41,000 annually.
A senior DC Comics editor can make up to $84,000 per year.
The people editing the work often make more than the people creating it.
Meanwhile, a typical video production worker makes six figures working 9-5 Monday through Friday, according to industry veterans comparing creative industry salaries.
The Minimum Wage Calculation:
Starting pencillers at Marvel earn about $160 per page, totaling $38,400 annually without benefits. That’s barely above federal poverty line for a skilled creative professional.
For writers at $80-100/page producing 20 pages/month:
Monthly income: $1,600-2,000
Annual income: $19,200-24,000
This is below minimum wage in many states for skilled creative work
WHILE HOLLYWOOD CASHES BILLION-DOLLAR CHECKS
The contrast between creator compensation and IP valuation has never been more stark.
The Box Office Numbers:
Marvel Cinematic Universe films have generated:
$30+ billion in worldwide box office
Billions more in streaming, merchandise, and licensing
Disney+ driving $9.6 billion in streaming revenue (2023)
These films are directly based on storylines, character arcs, and dialogue written by comic creators earning $80-300 per page.
The Compensation Disconnect:
When a Marvel film makes $1 billion at the box office:
Writers who created the source material: $0 in residuals
Actors: Backend deals worth millions
Directors: $5-20 million plus percentage points
Studios: Hundreds of millions in profit
Comic writers are work-for-hire contractors.
They own nothing. They receive nothing beyond their initial page rate, regardless of how valuable their creations become.
Real Examples:
The writer who created Thanos for Marvel comics earned standard page rates.
When “Avengers: Endgame” grossed $2.8 billion, featuring Thanos as the central villain, that writer received nothing additional.
The creators of Kamala Khan/Ms. Marvel earned page rates. When the character got a Disney+ series and appeared in “The Marvels,” they received no backend compensation.
THE GREAT CREATOR EXODUS
Watching your characters make billions while you struggle to pay rent creates predictable outcomes: talent leaves.
The James Tynion IV Moment:
In August 2021, James Tynion IV, star Batman writer, announced he was leaving Batman and DC Comics entirely for Substack.
This wasn’t a struggling creator - this was DC’s top writer on their flagship character walking away.
Tynion had a choice: Sign another exclusive with DC or take creator ownership on Substack.
He chose ownership, creative control, and the ability to build sustainable income through direct reader relationships.
The Substack Migration:
Following Tynion’s move, other major creators announced Substack deals:
Molly Ostertag (DC’s Juliet Takes a Breath)
Saladin Ahmed (Marvel’s Ms. Marvel, Miles Morales)
Scott Snyder (Batman, Justice League)
James Stokoe (Godzilla, Aliens)
Jonathan Hickman brought his conceptual universe to Substack, along with Al Ewing, Tini Howard, and Ram V. Skottie Young left Marvel to offer subscribers first look at his creator-owned work.
Why Substack Works:
Direct reader relationships = sustainable income
Creator ownership = long-term IP value
Subscription model = predictable revenue
No page rate caps = unlimited earning potential
Successful comic creators on Substack report earning $5,000-20,000+ monthly from subscribers - far exceeding what Marvel/DC page rates provide.
WHY THE INDUSTRY IS BROKEN
The page rate stagnation isn’t accidental - it’s structural.
The Publisher Perspective:
Marvel and DC argue that:
Print comics have shrinking profit margins
Digital hasn’t replaced print revenue
Character licensing/Hollywood deals sustain the business
Creator ownership would undermine their IP portfolios
The Reality Check:
Comic division profits are opaque, but industry analysis suggests:
Print comics are barely profitable or operating at losses
The real value is maintaining IP through continuous publication
Hollywood licensing generates billions, but creators see none of it
Publishers capture 100% of adaptation value from work-for-hire content
The Work-for-Hire Trap:
Every page a creator produces for Marvel/DC is work-for-hire, meaning:
Publisher owns all rights in perpetuity
Creator has no claim to characters, storylines, or adaptations
No residuals from reprints, collections, or digital sales
No participation in merchandise, licensing, or media adaptations
This made business sense when comics were the only revenue stream. When your Batman story becomes a $1 billion film and you get nothing? The model breaks.
THE TALENT PIPELINE IS DRYING UP
Who Enters Comics Today?
Aspiring creators in 2025 face a decision:
Option A: Work for Marvel/DC at poverty wages, own nothing, build someone else’s IP
Option B: Build on Webtoon, Substack, or independent platforms with ownership and direct monetization
Increasingly, they’re choosing Option B before even submitting to the Big Two.
The Experience Gap:
Major publishers argue they provide training ground and exposure. But that value proposition weakens when:
Webtoon provides instant global audience access
Substack offers direct reader relationships
Crowdfunding (Kickstarter, Patreon) enables independent production
Social media provides marketing reach publishers once monopolized
Mid-Career Exodus:
Even creators who start at Marvel/DC are leaving faster. Industry sources report:
Average tenure for new creators: 3-5 years (down from 8-10 years historically)
Creators increasingly using Big Two as portfolio builder before going independent
Top talent leaving at career peak rather than staying for decades
CAN THE INDUSTRY BE SAVED?
What Would Actually Fix This:
Inflation-Adjusted Page Rates:
Minimum $200/page for writers (still below 1990 inflation-adjusted rates), scaling to $500+ for top talent.
Backend Participation:
Percentage of licensing/adaptation revenue for creators whose work gets adapted. Even 1-2% of film profits would transform creator economics.
Reprint/Digital Royalties:
Ongoing royalties from trade paperback collections, digital sales, and reprints - similar to book publishing industry standards.
Creator Ownership Options:
Allow creators to retain ownership of new characters/concepts they create, with publishers licensing publication rights.
The Publisher Resistance:
DC and Marvel are unlikely to implement these changes voluntarily because:
Short-term cost increases vs. uncertain long-term benefits
Accounting complexity of tracking creator participation
Precedent concerns about existing catalog
Corporate parent companies (Disney, Warner Bros) prioritize IP control
The Market Solution:
The industry won’t be “saved” - it will split:
Marvel/DC become IP maintenance operations with shrinking creative talent pools
Independent platforms (Substack, Webtoon, Kickstarter) become where actual creative innovation happens
Best talent increasingly works outside traditional publishers
Big Two increasingly rely on Hollywood adaptations while print becomes loss leader
THE INDIAN MARKET
India’s comic industry faces similar challenges with unique characteristics.
Amar Chitra Katha/Tinkle Model:
Creator ownership largely non-existent
Work-for-hire rates even lower than Western markets
Limited Hollywood adaptation potential reducing backend possibilities
Emerging Opportunities:
Webtoon expansion into India creating alternative platforms
Graphic novel market growing in urban centers
Regional language comics offering niche monetization
International platform access (Substack, Patreon) available to Indian creators
The Advantage:
Indian creators can learn from Western industry’s mistakes and build sustainable models from the start, focusing on ownership and direct monetization rather than pursuing traditional publishing deals.
Insider Takeaway
The comic industry’s creator compensation crisis isn’t a temporary problem - it’s a terminal diagnosis. When your business model requires poverty wages for creators while generating billions from their work, you’re not building a sustainable industry.
The exodus to Substack, Webtoon, and independent platforms isn’t a trend - it’s a migration. Creators are voting with their feet, choosing ownership and direct relationships over prestige publisher credits.
Marvel and DC will continue existing as IP management companies. But the creative vitality, the next generation of talent, and the future of the medium are increasingly happening elsewhere.
For fans who care about comics as an art form, the message is clear: follow creators, not publishers. Support them directly on platforms where they own their work and capture the value they create.
We at Mugafi are also working on something for the comic world. Announcements soon!!!
Comic as a Collectible: Amazing Spider-Man #300
This week’s spotlight: The book that introduced Venom to the world
The Story:
Published in May 1988, Amazing Spider-Man #300 marked Todd McFarlane’s 22nd issue on the title and introduced one of Marvel’s most valuable modern characters. The symbiote storyline that began in Secret Wars #8 (1984) reached its climax as the black costume became the villain Venom, bonded to Eddie Brock.
McFarlane’s dynamic art style revolutionized superhero comics, and this issue became an instant classic. The cover image of Spider-Man trapped in Venom’s jaws is one of the most iconic in comic history.
Current Market Value:
Raw copies (VF/NM): $150-300
CGC 9.8 (Near Mint/Mint): $1,500-2,500
CGC 9.9: $8,000-12,000
Newsstand editions command 30-50% premium over direct market
Investment Performance:
This book has appreciated 400% over the past decade, significantly outperforming both American comics average and broader collectibles market.
Why It Matters:
ASM #300 demonstrates modern comic investment potential - a 1988 book that’s tripled in value in recent years due to character popularity in films and games. Venom’s solo films ($856M global box office) directly drove collectible demand.
About Leeds1888: We track the money, deals, and insider moves shaping India's media & entertainment industry. For exclusive industry intelligence and deal flow updates, reach us at [email protected]


