Indian Graphic Novels

Before I begin, let me clarify that I am a graphic novelist currently observing the Indian market and studying the possible business cycle trends. In comparison we have the mammoth US Comics market and the Japanese market which are fairly mature.

So where do we see the market and what is the market cap ? Though there are many independent sources citing the industry to be anywhere between $100 Million to $150 Million ( USD) , the true size of this industry in India has not been measured due to the fragmented and unorganized nature of its distribution system ( akin to the monstrous "Bollywood") .

Like any other industry, we can classify this into generations. Currently the industry is in the depression phase.

The first generation of Indian comics primarily relied on the ancient Indian mythology through "CHANDAMAMA" comics which at its peak had circulation numbers reaching millions during the 1940-1950's. Subsequently , they also translated their comics into multiple languages capturing the multi lingual Indian market like no other brand during the day.

CHANDAMAMA not only enjoyed readership which ran into millions but also became a part of the Indian popular culture with many live action feature films adapted in languages like Telugu as early as 1960's. Chandama captured a major share of the Indian comic book Industry by translating its works into major Indian languages.

The next generation being that of Amar Chitra Katha ( ACK) which has successfully carried the mantle and diversified into genres like folklore , social and mythology. ACK has created characters and popularized Indian mythology through its distinct art work. At the same time there were players like Diamond Comics which found immense popularity for their characters like Chacha Choudhary and Saboo.

Though immensely popular during the time, these characters couldn't sustain the competition and keep up with the trends of the ever changing industry.

This has paved way for the next generation of comics which were inspired by their western counterparts and the "SUPERHERO" genre came into the Indian comics world through players like Raj Comics .

Raj Comics has kickstarted the Superhero genre in India successfully and found major takers in the Hindi speaking belt with characters like Super Commando Dhruv , Nagraj and Doga. However, through time and market cycles , the comic distribution numbers have dwindled . The market saw many players like Manoj comics and others who couldn't sustain and had to shut down operations.

With the Indian market opening up in 1991 and major changes in satellite television market, Indian comic readers had a plethora of International characters which were introduced into main stream media. The industry now has a new host of players who tapped into the artist pool of the nation to come up with the new generation of Indian comics. The genres vary from Superhero, Mythology, Folklore to many other social segments. COMIC CON was introduced a few years back. However, there seems to be a catch here. Majority of the Indian comic book publishers today ae facing a stiff competition from the American powerhouse publishers like Marvel and DC. Readers seem to show very little interest in comparison to the local characters. If COMIC CON kiosks are anything to go by, the Indian publishers are facing a tough time.

It brings us back to the question , what is really going on ? Why is the going so tough ? The answers primarily lie in the distribution and transition to ancillary segments ( merchandising , television shows, live action movies & video games). The Indian book distribution system is 90% unorganized. You may find books in Railway stations, grocery stores and even street side book stalls. The data from these distribution channels rarely reaches the publisher who usually has little visibility to sales cycles. The organized book chain of India and the e-commerce in contrast do not offer the margins to recover costs.

A regular point of sale terminal in New Delhi . These comics are sold along with life style magazines, educational material and a host of other reading material. Transactions are usually not tracked using a barcode . Majority of the publishers in the unorganized chain do not have ISBN numbers either.

So, how will an analyst make the right projection ? Where will the publishers get the data from ? I have worked on collecting samples in 4 states and built a price distribution curve for comics available in the market. The results were astounding.

Majority of the market operates from the Rs 8 to Rs 899 price point. Though , there aren't official numbers, it seems that the price range of 599-899 is active in the organized book segment and the volumes seem to be happening below Rs 399 range. Most of the titles are in Hindi or English. Most of the organized book chain titles are also active in the e-commerce market. It would be worthwhile to note that Marvel and DC are still predominant in the price sensitive Indian market.

Many current generation Indian publishers complain of the demand for Indian comics in the market. However, the demand seems to be there and growing steadily. What needs to be done is building a rich eco system of ancillary industries along with local comic books.

COMIC BOOKS - MERCHANDISING - TELEVISION - LIVE ACTION - GAMES

If you notice, even Marvel and DC have gone through trough cycles and were close to bankruptcy at some point of time. However, they established a strong intellectual property system which allowed them to raise revenues from other channels like games, merchandising , television and live action feature films. Indian comics sadly have failed here. Neither have their merchandising gone mainstream nor have they made any successful transition into television , live action features or web series ( more so in today's era). This led to solely relying on a single revenue stream which has failed to meet the supply/demand metrics.

Bringing us back to the question, how can the comic book industry of India revive itself ? The content and characters are there. However they need to establish a strong IP system and let the merchandising and rights guide the path into television shows, live action feature films and video games. The main stream revenue through paperbacks has to target the unorganized sector and vernacular language translations. Chandamama had translated copies in 10 languages and sold 200,000 copies a month at its peak decades ago. It is time for this Industry to wake up and explore other streams of revenue to create a new eco system. Looking at the revenues from other ancillary industries, character licensing and merchandising can take the industry into the next level of billion dollar segment. It would be safe now to say the comic eco system of India is next to US and Japan. In terms of growth potential , the double digit growth of publishing industry in India makes it a vital bet for the future of this creative industry. Amazon Prime & Netflix could step into the video segment. Mattel & Lego have tremendous potential to explore this market. It's about time someone in the eco system connected the dots.