Publishers Weekly is reporting that Los Angeles-based manga publisher Tokyopop has just announced a major restructuring, breaking the company into two separate divisions: the Tokyopop Inc. publishing unit and Tokyopop Media, a digital and comics-to-films unit. The change will result in the layoffs of about 39 Tokyopop staffers. Tokyopop is also cutting the number of titles they plan to publish in half, from their historic 500 or so books a year. In addition, they’ve canceled their plans to be a major exhibitor at the San Diego Comic-Con. Tokyopop’s Japanese version is also fissioning, into Tokyopop Media and the Tokyopop group’s holding company. European operations are not expected to be affected.
The restructuring is meant to highlight the company’s efforts at getting its original manga content turned into film projects, as well as to focus on the growth of its digital and mobile phone comics initiatives. CEO and chief creative officer Stuart Levy said the changes would align its publishing business with current book retail trends. “The time is now for us to focus our publishing business to overcome current market challenges. Fewer releases will allow for less cannibalization at retail. At the same time, the opportunity is significant in the digital and comics-to-film space. We must adjust our overhead to properly execute this new business plan.”
The company also announced some senior staff changes. Tokyopop group president and COO John Parker will take over as publisher of Tokyopop. Tokyopop director of marketing Marco Pavia has been promoted to associate publisher of the publishing division. And current Tokyopop publisher Mike Kiley will now lead Tokyopop Media, the new digital and film unit.
Parker said he intends to “significantly reduce our annual output, focusing on the most successful continuing series and the most promising new titles.” He also said Pavia will focus on developing new titles.
Commenting on the more than 25,000 pages of original comics and manga Tokyopop has published in the last three years, Kiley said “with the relationships we have established in the past year, Tokyopop Media is ready to move quickly into the comics-to-film and digital markets.”