Profits will die with Potter, says Bloomsbury
Apart from fans, Bloomsbury is upset that Rowling won’t be churning out any more Harry Potter books.Updated: Apr 05, 2007, 18:37 IST
It’s not only fans that are hugely disappointed that JK Rowling won’t be churning out any more Harry Potter books, but her publisher Bloomsbury as well, especially after the massive drop in profits it saw in 2006, when no new Potter book hit stands.
The company saw its annual profits drop 74 per cent in 2006, with its pre-tax profit dropping to 5.2 million pounds from 20.1 million pounds in 2005, when 'Harry Potter and the Half-Blood Prince' made its debut. And, things have gotten so tough, that even Bloomsbury chairman Nigel Newton referred to 2006 as "a challenging year", reports a news channel.
Newton revealed that Bloomsbury is changing its tactics, and that the firm will now have a growth strategy that includes developing new authors, internet-based initiatives, and acquisitions, "all of which we believe will enhance and strengthen our position as a leading publisher".
What also has the company reportedly worried is the fact that unlike previous years when profits were generated mainly through follow-up paperback sales or the books'global roll-out, even that option is coming to a end with people managing to lay their hands of a current Potter book easily.
The seventh and final book in the series,‘Harry Potter and the Deathly Hallows’, is set for a July 21 release this year. Bloomsbury recently revealed that book cover for ‘Deathly Hallows’, in which fans will get to see the Harry lunging over a pile of treasure.
However, there is a bit of a difference in the adult and the children’s version of the book. While kids will get to see Harry’s best friends Ron and Hermione also standing besides the boy wizard, in the adult version readers will also get to see a pendant embossed with a jewel-encrusted 'S'.