Legion M's active strategy amidst Coronavirus concerns
We wanted to take a moment to address the subject on everyone's minds – COVID-19, more commonly known as Coronavirus — and the impact it may have on Legion M.
First and foremost, our hearts go out to all those who are personally dealing with the virus, as well as those on the front lines of treating it. If you haven’t already, please check out the information provided by CDC and WHO and learn how to protect yourself, your loved ones, and all of us.
In addition to the terrible human toll of the pandemic, every business on the planet is also currently grappling with the potential impact on their business, and many are facing tough choices about how to stay afloat. We're sure you have similar questions about Legion M, and we wanted to address them.
How is this affecting our business in the short-term?
So far it hasn’t had a large impact. Our staff already works remotely, and we’re fortunate that the success of our model does not rely on face-to-face interactions. Some of the tactics we use to promote movies (e.g. meetups and con activations) will likely be affected, but since we don’t have any films coming out in the next several months, we’ve got some time to figure things out and/or shift our efforts online. We’ve been lucky — it would have been a completely different story had this hit a few months ago when Memory and Jay and Silent Bob were releasing in theaters, and Kevin was starting the Reboot Roadshow.
We are also fortunate that we’re not actively in production or filming anything right now, as many studios and companies have had to halt production. We dodged another bullet here timing-wise, as a few months ago this could have had a potentially devastating affect on the shooting of Archenemy. The film community is hurting right now, and we feel for all the filmmakers, cast and crew who have poured their hearts and souls into the projects currently bearing the brunt of today’s situation.
It remains to be seen what the impact of the virus will be on our release plans for films (including Archenemy) that are slated for later this year. When we have more information on that front, we will be sure to share it.
The one section of our business that has been affected is our aggressive comic con initiative. We planned to be at many conventions in the next few months including Emerald City and Wondercon, which have already been postponed or canceled, and many others that potentially will be. While this WILL have an effect on our 2020 revenue (and expenses), we don’t expect it to be significant and are actively looking for ways to redirect our efforts online.
How does this affect the long-term value of the company?
While there is currently a lot of turmoil in the stock market, when you invest in a startup, you are making long-term bet. Entertainment will always exist, and while theatrical movie releases will likely suffer short-term (and potentially long-term) consequences from the virus, mediums like TV, VR, and gaming are poised to do even better since people are stuck at home looking for something to do. Entertainment is already a rapidly evolving industry, and while this pandemic has the potential to be fatal for some business models, we’re just as bullish as ever about the long-term prospects of a fan-owned entertainment company.
That said, as a startup, we are reliant upon raising money to support our operations and increase our investor base. Up until now, we’ve enjoyed exponential growth each year, and for us to be successful, we need to continue that growth. If anything impacts people's interest or ability to invest in Legion M, it could make things very challenging for us. While this has always been a risk factor for Legion M, nobody yet knows how the Coronavirus (and the impact it has on the economy) will affect our fundraising efforts. Will turmoil in the stock market cause investors to hoard cash or seek alternative investments like Legion M? Will “investing $100 in a startup you love” be seen as a luxury people can no longer afford, or an outlet for funds that would have otherwise been spent on movies/cons/festivals? Only time will tell. In the meantime, please check out our Wefunder page and cast your vote by investing in Round 6! :)
Bottom line…
During this period of pain and uncertainty, we hope that Legion M can be a beacon of hope (and fun!) in an increasingly gloomy world. We’re focused on finding online ways to bring people together to fill the voids in our lives created by social distancing and canceled events, and to be a place where we can take a break from all the negativity around us. The goal is to come together in celebration of things we love. Isn’t that what Legion M is all about? Be on the lookout for some exciting announcements in the coming weeks.
Our hearts go out to all of those directly affected by this pandemic. Please stay safe and look out for one another. And of course, wash your hands!