Profits of JK Rowling's digital publisher plunge by 40 per cent
JK ROWLING’S digital publisher responsible for Harry Potter e-books and audio books has seen its profits plunge by 40%.
Pottermore Publishing told The Bookseller, a trade publication for the publishing industry, pre-tax profits had fallen by 40% to £5.7 million in the 12 months to March 31, 2022 because of the “unwinding of the Covid sales bounce during lockdown”.
The firm posted “exceptional” profits in 2021, with takings up 150% to £9.5m, the publication reported.
Pottermore, which is also the publisher for the Wizarding World brand of the Harry Potter extended universe of stories, told The Bookseller that their figures for the latest period were “robust” despite the drop, adding that reading on e-readers, tablets and phone remained “hugely popular” and that audiobook listening remained “strong”.
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In November last year, Pottermore announced that Harry Potter audiobooks had been listened to for more than one billion hours on streaming platform Audible.
Jennie McCann, Pottermore Publishing’s managing director, said: “Pottermore was launched in 2012 and has grown into one of the most successful digital publishing brands in the world.
“This is tribute to the compelling storytelling of the Wizarding World content, the hard work of the Pottermore team and the strength of our commercial partnerships.
“Our job is to make sure that as many people as possible around the world can enjoy the Harry Potter stories in digital formats.
“Embarking on the second decade of Pottermore’s journey, with plans to build on our success, we look to the future with considerable excitement.”