Harry Potter at 20: What makes JK Rowling's creation a money making machine
'The wand chooses the wizard, Mr Potter," said Garrick Ollivander to Harry Potterwhen he visited Ollivanders (makers of fine wands, since 382 BC) for the first time in 1997. Twenty years later, in 2017, a kid does not need to wait for Hagrid to arrive and take him or her to Diagon Alley to purchase their first wands. He or she only needs to pester their parents for it and they can buy it for them, off Amazon. Even an Elder Wand replica can be bought for Rs 1,500. Should a Gryffindor scarf or Hogwarts robes or even a Sorting Hat interest you, they can be easily bought on the internet. JK Rowling's manuscript had been rejected by eight publishers before Bloomsbury Publishing offered her an advance of ÂŁ 2,500 for Harry Potter and the Philosopher's Stone, the first in
the series of seven books. The story goes that Rowling had written the book sitting in cafes in Edinburgh where she was living with her daughter, on benefits. Bloomsbury itself couldn't have known that the book it was publishing would transform not only the company but publishing as an industry. Established in 1986 by Nigel Newton, Bloomsbury had a turnover of £11 million in 1995 which rose to £14 m in 1997 but thanks to Rowling's books rose to £21 m in 1999. In just two more years, it went up to £61 m in 2001, crossing a £100 m in 2005. It helped establish Bloomsbury as the most important publisher in the children's books category. Scholastic Press, an American publisher bought the American rights for $ 105,000 in 1998, by which time the first two books had been published in the UK. The seven Harry Potter books (excluding the spinoffs) have so far, sold more than half a billion books in 73 languages globally. READ MORE
ARTICLE SOURCE – BUSINESS STANDARD