Harry Potter: A Multi-Billion Dollar Business
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Case Details:
Case Code : MKTG079
Case Length : 15 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Amazon.com
Industry : Books and Publishing
Countries : UK
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Harry Potter's Magic Spells Success for Many! Contd...
Scholastic's stock price reportedly increased to a record
high of $74 at the end of the year from just $64 in July 2000.
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This, analysts said, had come as a boon for the company,
which was still trying to recover from the 1997 debacle of 'Goosebumps,' another
children's book, that had failed to perform well due to an ill-planned
distribution strategy. With Harry Potter, Scholastic had been careful not to
repeat its mistakes.
Kevin McEnery, Executive Vice President and Chief Financial Officer, Scholastic, said, "We have been very careful in the distribution of Harry Potter."5
The US-based media giant, Warner Brothers, was the single largest corporate beneficiary of the popularity of Harry Potter.
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The company owned all the rights to the Harry Potter series and expected to generate revenues up to $1 billion through these rights in 2003 alone. Warner Brothers planned to make this money from the Harry Potter movies (based on the first two books in the series 'Harry Potter and the Philosopher's Stone' and 'Harry Potter and the Chamber of Secrets') and merchandising deals based on the books and movies.
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In fact, Harry Potter was being seen as Warner Brother's hottest property for now. Apart from this, various other licensees like Lego, Mattel and Electronic Arts were some of the beneficiaries of the brand.
The success of these companies had not come due to any magic, wizardry and sorcery tactics, something common in Harry Potter's imaginary world.
Behind their increasing revenues were carefully planned and implemented marketing strategies. Some analysts even felt that it was one of the world's most well-crafted and controlled marketing plans. |
Creation of the 'Harry Potter' Brand
In 1996, Joanne Kathleen Rowling (J.K Rowling), an unemployed and an unknown writer, began writing a story about Harry Potter, an orphan boy with magical powers. She planned the story of Harry Potter in seven parts, one for each of the seven years that Harry Potter spent at the Hogwarts School of Witchcraft and Wizardry...
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