Animation move conjures €1.6m loss for maker of children's fairy doors
Investment in developing live- action and animation content last year contributed to the Irish Fairy Door Company recording a €1.6m loss for 2018.
Newly lodged accounts show that the Dublin-based business last year spent €216,534 on what it called "fundamental reorganisation".
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Company director Niamh Barry said the reorganisation reflected the firm's efforts to become "a more content and animation-type business".
A €2m spend on animation- related activities last year came ahead of the Irish Fairy Door Company's July launch of its streaming animation series, 'Through the Fairy Door', on YouTube.
The series follows the adventures of characters Queen Kate, Ruby, Boo, Hope and Joy. Produced by Wildbrain, the series came from the company's animation deal with Wildbrain's Canadian parent, DHX Media.
Ms Barry has described the series as "a game-changer for us".
The company said it had sold nearly a million of its wooden fairy doors worldwide, aided by an endorsement from celebrity Kourtney Kardashian who had been sent a fairy door.
Ms Barry said her company expected the animation series to drive a 10-fold increase in sales, "and make us a global player in wellness-based play activities for children".
She said the animation deal resulted in fresh investment, led by BDO and existing investors, of more than €1.5m in late 2018, "to fund the business through this transition and to develop new products such as Nordman and the Nevermores to complement our existing product range and character sets".
Ms Barry said revenues dipped slightly in 2018 because "we are holding our new product push for 2020". The new products include various toys related to Nordman and the Nevermores, she said, "and we see great opportunities to monetise those in 2020".