Wowio, the digital publisher with a massive comic book line has had a problem. The money it used to compensate publishers for each download of their comics came from venture capital rather than advertising. And when it dried up, not only did income levels fall, Wowio were unable to meet their debts for the second quarter of 2008. And when Platinum bought Wowio, the debt was still not paid, only the reduced payments on current downloads reached publishers. Platinum and Wowio parted ways. And while further funding was sought, there was no sign of paying past debts being a part of that arrangement.
Until now. Brian Altounian, CEO of Wowio, has just emailed all publishers that payments will start from today, with a priority for continuing publishers with Wowio. And that all publishers will be paid by November 15th.
It’s a remarkable turnaround that many thought they’d never see. Publishers who had pulled work as a result of missing payments are being courted to return.
Maybe this kind of thing could catch on.