Olivia Schaefer
Reuter
Econ A3
14 September 2015
The Harry Potter series has created one of the most successful franchises there is. Harry Potter is not merely a few books and movies; it has developed into an empire of seven books, eight films, three side-stories, a theme park, an online gaming network, and a vast expanse of merchandise. J.K. Rowling herself has a net worth of $910 million, and the books alone had a revenue of over $7.7 billion (Total Harry Potter Franchise Revenue), with the last book selling 11 million copies within the first 24 hours of its release (TIME Staff). Rowling was worried about having to make a trade off between having her books made into movies and having her plot remain unchanged by directors and screenwriters, but it was soon apparent that she didn’t have to make a sacrifice, as the movies adhered to the books’ original plotlines very well. The movies clearly didn’t disappoint fans, in any case. The total revenue of all eight films is $7.2 billion, with the last one pulling in over $1.3 billion on its own. The demographic of this series, though aimed at 11-17 year olds, has expanded way beyond that - this franchise is adored by consumers from young ages to senior citizens in countries across the world. Many reports from a few years ago have shown Harry Potter’s grand sales total to be around $21 billion, counting movies, books, merchandizing, websites, and the theme park (Kruhly).
However, more recent accounts have estimated Harry’s actual haul at around $24.8 billion (Total Harry Potter Franchise Revenue). This number is continually growing because of the theme park, the gaming website, and the frequent TV showings of the Harry Potter films, mainly on ABC Family and HBO. I believe it’s quite clear that the Harry Potter franchise was very successful, and will continue to grow for quite some time.
Works Cited
Kruhly, Madeleine. "Harry Potter, Inc: How the Boy Wizard Created a $21 Billion Business." The Atlantic. Atlantic Media Company, 15 July 2011. Web. 15 Sept. 2015.
TIME Staff. "Because It’s His Birthday: Harry Potter, By the Numbers | TIME.com." Entertainment Because Its His Birthday Harry Potter By the Numbers Comments. Time Magazine. Web. 15 Sept. 2015.
"Total Harry Potter Franchise Revenue." Statistic Brain RSS. Web. 14 Sept. 2015.
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As a Harry Potter fan myself I would agree that Harry Potter is very successful, but as an unbiased decision I would have no choice but to agree with this blog posting. She did a great job introducing what Harry Potter is for somebody who didn't understand, to then showing you over the years how successful it's been. I agree with her final decision that it will only continue to grow, the Theme Park is a great accessory to have, and is becoming very popular.
ReplyDeleteYes I believe this will grow for quite sometime but I also believe like any good thing there will be a down fall eventually people will become bored of it eventually and as people who grew up around this time will eventually become old and forget about the greatness of this series. Also once another great series comes around this one will be put on the back burners. But I agree for now this empire will take a long time to die down.
ReplyDeleteI whole heartedly agree with the entire statement but some questions are, what would be the trade-offs? The money earned doesn't seem very wavering. How is a movie a trade-off of the book when everything has been shortened into a 2 hour time slot? Are we losing details to the point where the movie is different from the book?
ReplyDeleteIt’s interesting to think about how even several years after the first books were released, the franchise continues to grow. The movies themselves were such a success that they continued to be shown on TV in marathons to this day. More unsuccessful books are usually released, grow, hit their peak, and then sort of die out on their own, but the Harry Potter franchise did not do that. After many years it is still popular, and new things such as video games and the theme park will cause it to increase in popularity. I strongly agree that this franchise will not die out as quick as other things.
ReplyDeleteIt’s interesting to think about how even several years after the first books were released, the franchise continues to grow. The movies themselves were such a success that they continued to be shown on TV in marathons to this day. More unsuccessful books are usually released, grow, hit their peak, and then sort of die out on their own, but the Harry Potter franchise did not do that. After many years it is still popular, and new things such as video games and the theme park will cause it to increase in popularity. I strongly agree that this franchise will not die out as quick as other things.
ReplyDeleteI don't find it surprising at all that the Harry Potter is one of the most successful franchises ever. The books as well of the movies have made a huge impact on people of all ages across the globe, resulting in an expansive revenue of all things HP related. However, I disagree that the Harry Potter franchise will continue to grow. I think that although HP has been extremely successful over the past 18 years, it will begin to decline now that all of the books and their corresponding movies have been released. Harry Potter will still be popular among many people, but the franchise will not grow, but decline from now on.
ReplyDeleteI think that your example of a trade-off here is perfect, showing the tough decision that had to be made in which J.K. Rowling was conflicted between the integrity of her story and the expansion of the franchise. Your discussion of the economics with the Harry Potter Franchise was well thought out with a visualization of how much of a percentage of the money was raked in by different categories and statistics of the franchise's overall economics.
ReplyDeleteI agree that Harry Potter is one of the most successful franchises there is. It was good that you introduced with all the products that have come from this series to demonstrate the magnitude of this franchise. You supported every claim you made -- including your prediction on the increase in revenue. However, that last sentence doesn't need to start with "I believe"; state it like a fact.
ReplyDeleteIm a fan myself i have read a couple of the books and have seen all of the movies, and i would have to agree as well because i like the way you introduced how harry potter was aimed for the teen years but it attracted people who are well beyond their teen years from our country to other countries across the globe. I also like how you have provided all of the statistics from the franchise which was really cool to see. Great Job
ReplyDeleteI agree that the Harry Potter series was very successful and there is no doubt that die hard harry potter fans still exist today. I don't think the Harry Potter phenomenon will ever completely go away or drastically decrease however as the years go by it will be less exciting and thrilling compared to when it first came out.
ReplyDeleteAs every generation comes and goes the amount of Harry Potter fans will grow, more merchandise will sell. It's just like Star Wars, yes it was created before my time, but I love it just as much as the past generations did. The impact of this merchandise is undeniable, you wish you were a wizard, you dress up as one for Halloween, you go to the theme park, the conventions, and you read/watch Harry Potter. He is everywhere, almost like god. If this franchise does ever plateau it will probably be in the far future.
ReplyDeleteIt surprises me that so much revenue comes from merchandise, I wonder how much of the money from the theme park and merchandise go to JK Rowling and what patents and royalties she has on the characters. Even though I know you're a Harry Potter fan , thanks for not including your opinion into your piece, the numbers were more impressive that way!
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ReplyDeleteSince I'm not a fan of the Harry Potter series, this information was very surprising and interesting. It's amazing how much money one topic in our society can bring in. It would be interesting to see how much money the actors and Rowling pull in for each showing on the movies and each copy sold. Is there any other book series that even comes close or exceeds these numbers?
ReplyDeleteI completely agree, I believe that Harry Potter has become a phenomenon that you would have to live under a rock to not know about. I think it has done so well is because people of all ages enjoy the book and beyond that the series has expanded so far that people that don't even read that much can still be a fan. Also I like how you used "trade-off", because when looking at decisions there is always something your giving up, even coming down to upsetting your base fans when creating a movie.
ReplyDeleteAs someone who has never read or watched a Harry Potter movie I am not surprised by the money the books and movies have made. After seeing the theme park in Florida for Harry Potter the amount of dedication the fans have is crazy. And due to the fan base and the love people have the books and movies, Harry Potter will continue to grow.
ReplyDeleteIt's crazy how many people today are fans of the series even though, as you stated, the books were originally designed for 11-17 year old readers. This was clearly a part of their economic success since there was a much larger range of people reading her books. I doubt that the series will ever be forgotten as time goes on since so many people have read and enjoyed these books. Instead, I think that further in the future it might remain as a sort of classic and memorable series similar to how "The Catcher in the Rye" and "To Kill a Mockingbird" are today, however, with less of a cultural effect as it didn't go against major cultural beliefs at the time of its release. I also think it's revenue will slowly decline but never really disappear as people buy and read more of the books and watch more of the movies.
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ReplyDeleteI love Harry Potter marathons on ABC! I can see why they generate so much money. Even though TV generates 5% of Harry Potter revenue, you need to understand that it is 5% of 21 billion. This fantasy world has drawn in so many fans, that the evolution, the fan base of Harry Potter will never die. I think as our generation grows, we will spread our love to Harry Potter on to the next and on to the next and eventually make Harry Potter the most profitable subject in history.
ReplyDeleteHarry Potter is a movie I like to watch in winter during a snow day. Harry Potter is more than just a movie or book, many kids and even adults that take interest in these books lead them into more series and more learning. Harry Potter will long live in the world because of the die hard fans that introduce their kids and other families.
ReplyDeleteBeing a fan of Harry Potter I am not surprised by its amount of revenue. I own every movie and that adds up. It has a wide ranged audience which helps the fan base making sure that Harry Potter will always be relevant. I really like this topic good job Olivia!
ReplyDeleteI have read all of the Harry Potter books and have seen all the movies countless times. I knew that Harry Potter was popular, but I never imagined that all of the sales combined to 21 billion dollars! I also found it surprising that 35% of the sales were from merchandise, when the real stories lie in the books and movies. I think it was a good idea to build a Harry Potter theme park right as the last movie came out because then people would still be interested after all the commotion about the movie died down. Putting the Wizarding World of Harry Potter inside Universal Orlando Studios generates even more revenue because hundreds of people walk through each day, gaining more and more people’s interest.
ReplyDeleteI never imagined a book series to could generate so much popularity and demand for movies, merchandise and even theme parks. I found it very interesting that even after all the movies were out that the revenue continued to increase. I would have thought that there would be a dip in sales because there is no more suspense with anything more. However it does make sense because more and more items and concepts continued to come out to keep the audience excited. This was a good idea for producers to supply to continue the revenue intake. Over all I thought that this article was very interesting and shows readers that classic novels will continue.
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ReplyDeleteNot only was J.K. Rowling's Harry Potter a huge success in itself, it also brought up all the companies that came with it. The year before Bloomsbury, a London publishing house and original publisher of Harry Potter, had met the book, it pulled in about "£732,000 ($1.2m) in sales, compared with £4.7m for the reference division" (The Economist). By 2001, the publishing house was raking in £61m ($95.5 million). The production company Heyday Films was an even smaller company than Bloomsbury before the Harry Potter movies, which skyrocketed after the first few films had been made. So not only did Harry Potter affect J.K. Rowling's net worth, but it also brought with it all the companies that helped it to the top.
ReplyDelete"The Harry Potter Economy." The Economist. The Economist Newspaper, 19 Dec. 2009. Web. 18 Sept. 2015.
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ReplyDeleteI agree with you, Harry Potter as a franchise has grown much larger than anyone could have expected; so much that it is rare you find a person who isn’t aware of the plot. I have not read any of the books, however, I am still a fan of the movies. Furthermore, even though the original book was intended more for teenagers, it has been observed that people of all ages enjoy both the books and movies which shows that it is very possible to reach consumers outside of the target market.
ReplyDeleteI'm surprised by how much of the profit from the series is through merchandise, considering you do not see hundreds of kids running around on their Harry Potter Brooms TM or showing off their Harry Potter Glasses TM, unless they are all wearing their limited edition Harry Potter Invisibility Cloaks TM. I can also see how video games are not the strongest point of revenue due to the only one I am aware of is the lego game. Overall an interesting post, I would have thought the majority of income would be from dvd's or box office sales.
ReplyDeleteIts not surprising that Harry Potter books became such a huge franchise. Between the books and the movies they have both impacted the lives of many people. kids through adults around any ages really enjoy harry potter. Some are so obsessed with it that they cant help not to watch the movies over and over again the first one was so good that as the new movies came out people were buying and buying and if they weren't being made if it was even possible they would run out of movies.
ReplyDeleteI think it’s crazy that this series was targeted for 11-17 year olds, but has reached out to anyone of any age. With all the extra people watching, reading, or buying all of this merchandise, there’s no wonder that so much money has been made off of this series. Also, I had no idea that there was three side stories; but I guess that just shows how much this series is loved, and how many hidden things there really are. All in all, I’m very surprised about how successful this series has become.
ReplyDeleteOlivia, You have truly managed to showcase how amazing the Harry Potter series is. I am personally a Harry potter fan, so I will admit, I am more inclined to agree with anything that showcases it in a good light. However, the way you showed the profit that Harry potter has managed is pretty amazing. You made certain facts stand out that helped what you were saying. As a fan of Harry Potter, I can only hope that the franchise will keep growing for years to come.
ReplyDeleteHaving read all the books and seen the movies at least 10 times each it does not surprise me how big of a revenue Harry Potter has made over the years. Especially with a theme park based of the Harry Potter adventures and story line, it clearly shows Harry Potter fans of all ages will continue to be dedicated fans. However it does surprise me that the most profit is collected from Harry Potter merchandise because I have barley seen people walking around wearing Harry Potter shirts or scarfs. I would have thought the majority of the profit would have come from the books and movies.
ReplyDeleteI think it’s crazy that this series was targeted for 11-17 year olds, but has reached out to anyone of any age. With all the extra people watching, reading, or buying all of this merchandise, there’s no wonder that so much money has been made off of this series. Also, I had no idea that there was three side stories; but I guess that just shows how much this series is loved, and how many hidden things there really are. All in all, I’m very surprised about how successful this series has become.
ReplyDeleteThe Harry Potter brand has come up from just one book into many more and including movies, theme park, online gaming, and a mass quantity of merchandised. It is amazing how a single idea of the creation of the Harry Potter book can expanded into this huge multi-billion dollar business. I believe it was a great idea to build the theme park so fans can still enjoy an experience of Harry Potter even if a book or movie wouldn't be released in the near future. The location of theme park is key as well and the location that was decided on was ideal because their are thousands of people that walk through Universal Studios each day, which would give good foot traffic to the theme park. I believe that the brand will continue to grow, but after sometime I feel that the popularity might drop; not significantly, but won't continue to grow like it is currently today.
ReplyDeleteI think that the whole Harry Potter series was a great experience for all ages and for anyone that likes a good fantasy story. I also agree that this is a very popular and is also a very expensive movie series. It has generated so much profit because of the movies, tv re-runs, DVD's, Blu-rays and also its products that have been sold along with the books. This series will never be forgotten because of anyone who has seen at least one of the movies or one of their products and will always be remembered.
ReplyDeleteThis is a great example of a franchise that has become a microeconomy in and of itself. The books were such a hit that Rowling paid the opportunity cost of handing a bit of her creative control over to Hollywood producers, however, most economists would likely agree (an uncommon occurrence) that it was a worthy trade-off. What started off as a 7-book series has ballooned into a multifaceted franchise, and that perfectly exudes the essence of a market economy.
ReplyDeleteI myself am not huge fan of the Harry Potter books or movies, i have never read the books and have only seen one of the movies. But the mere fact that a franchise can make this much money in that amount of time is astonishing to say the least. A couple of summers ago I did visit the Harry Potter themed park at Universal and it was awesome. Couple of things I liked about your blog post though, for one: it was educational as well as an interesting topic, made for this to be more of a fun read rather than a boring one we are forced to do. Secondly: the amount of information in it is good, it really seems like you took the time to research this and get all the required information, otherwise it’s a good fake none the less. Great Job!
ReplyDeleteI myself am not huge fan of the Harry Potter books or movies, i have never read the books and have only seen one of the movies. But the mere fact that a franchise can make this much money in that amount of time is astonishing to say the least. A couple of summers ago I did visit the Harry Potter themed park at Universal and it was awesome. Couple of things I liked about your blog post though, for one: it was educational as well as an interesting topic, made for this to be more of a fun read rather than a boring one we are forced to do. Secondly: the amount of information in it is good, it really seems like you took the time to research this and get all the required information, otherwise it’s a good fake none the less. Great Job!
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