**SUBJECT: Rick and Morty – The Franchise Has a Liquidity Problem**

SUBJECT: Rick and Morty – The Franchise Has a Liquidity Problem

The News: Adult Swim’s most valuable IP has hit a critical pivot point. After a massive 70-episode deal and a sprawling licensing empire, the show is facing two hard realities: franchise fatigue and creator distraction.

Why It Matters: The Rick and Morty machine was built on a single, unsustainable premise—that Justin Roiland and Dan Harmon could scale an acid-trip brainchild into a global media asset. With Roiland out and Harmon visibly stretched, the show’s core asset (its viral, high-margin, low-effort cultural gravity) is depreciating.

The Numbers That Hurt:

• Season 7 viewership is down ~30% from the pandemic-era peak.
• Licensing revenue has plateaued—the “Wubba Lubba Dub Dub” premium is gone.
• Production cost per episode is now higher than the ad-revenue lift justifies.

The Real Take: Rick and Morty is not dying. It’s turning into a legacy asset—predictable, safe, and lower-margin. The CEO question is no longer “How do we grow it?” but “How do we harvest it without killing the residual value?”

One line for the board: The show’s biggest revenue days are behind it. The smart play is to cap spend and push the IP into gaming/FAST channels—before the next big swing (and inevitable miss) drags the P&L.