Bloomsbury Sees Increased Profits After "Deathly Hallows" ReleaseBloomsbury
The Sunday Herald is reporting this evening UK publisher of the Harry Potter novels, Bloomsbury, has seen an increase in their annual profits for 2007, thanks in part to the publication of “Harry Potter and the Deathly Hallows” this past July. Noting the “Potter effect,” the company’s CEO Nigel Newton is expected to announce his company profited an estimated £17 million (nearly $34 million) in 2007. This figure is up from their 2006 profits which were £5.2 million ($10 million). The article goes on to relate Bloomsbury’s thought that the effects from the previous Potter sales will be felt in years to come, as the company uses extra capital amassed to fund the promotion of new novels and other ventures.