CMON, the powerhouse behind blockbuster board games like Zombicide and Blood Rage, has recently sounded alarms that have rippled through its community of backers and investors. The company has issued a profit warning, indicating that losses for 2024 could soar beyond $2 million.
CMON’s journey from a niche online community to a dominant force in board game publishing is nothing short of remarkable. Founded in 2001 as CoolMiniOrNot, the company initially served as a platform for miniature enthusiasts to showcase their painted figures. By 2012, CMON had pivoted to publishing, launching the wildly successful Zombicide series through Kickstarter, which amassed over $781,000 from more than 5,200 backers. This success was followed by other popular titles like Blood Rage, a Viking-themed strategy game that garnered critical acclaim and a spot on the recommended list for the 2015 Kennerspiel des Jahres award.
CMON’s prowess in leveraging crowdfunding platforms is evident, with nearly 60 campaigns on Kickstarter, raising over $108 million. In 2024, the company transitioned exclusively to Gamefound, launching notable projects such as DC Super Heroes United, which raised approximately $4.47 million, and Cthulhu: Death May Die – Forbidden Reaches, bringing in around $3.9 million.
However, according to BoardGameWire, 2024 presented unforeseen challenges. The rising cost of living impacted consumer spending, leading to a decline in tabletop game sales. CMON’s wholesale revenue plummeted by 39% to $5.9 million in the first half of 2024 compared to the same period in 2023. Crowdfunding revenues also dipped by approximately 9.7%, settling at just over $9.9 million.
Financial strains were further exacerbated by unsuccessful strategic maneuvers. A proposed $12 million deal to sell certain intellectual properties fell through due to unmet agreements. Additionally, anticipated investments totaling $1.39 million from new shareholders failed to materialize, prompting CMON to seek alternative fundraising avenues to bolster its working capital.
The community’s reaction has been mixed. On platforms like Reddit, discussions have emerged expressing concerns over CMON’s extensive project lineup and the sustainability of its crowdfunding-centric model. Some backers feel that the company’s ambitious endeavors may have stretched its resources thin, leading to the current financial predicament.
Despite these setbacks, CMON continues to engage its audience. In early 2025, the company successfully crowdfunded Massive Darkness: Dungeons of Shadowreach on Gamefound, attracting support from over 9,800 backers and raising approximately $2.85 million. This resilience showcases CMON’s enduring appeal and the community’s unwavering interest in its innovative game designs.
As CMON navigates these turbulent waters, the broader board game industry watches closely. The company’s ability to adapt and address these challenges will not only influence its future but also set precedents for other publishers relying on crowdfunding in an ever-evolving market landscape.
