J.K.Rowling, being one among the top earning authors, could cross her net worth more than $1 billion (Rs 9,000 crore), as on July 2023. She could create the Harry Potter Universe as well based on her novels.Her authorship attracted kids, teenagers and adults across the world. As on 2013, More than 500 Million Harry Potter novels were sold across the world in 80 different languages. Harry Potter movie series became a billion dollar franchise for her. This specific case study describes the content products, diversification and growth, J.K.Rowling has done as an author.
Inception: One Thing Remember, “Authorship is not a Piece of Cake for Everyone; it Requires Different Skill Set such as Creative Thinking, Visualization, Imagination, Articulation, and Systematic Scribing”. Between 1997 and 2007, J.K.Rowling has authored 7 different books of Harry Potter Series. These books were sold across the world, with pre-bookings and lot of demand in the market, and in different languages. Her Product Diversification includes books, movies, theme parks and video games. When She was writing her first book, in 1997, She was living on Government Welfare Schemes, and by 2020 her net worth was estimated to be $1.2 billion. She was graduated from University of Exeter; her father was an aircraft engineer and her mother was a high school technician. After her graduation in 1986, She worked at Amnesty International for 4 years on translation work; later she got an idea to create harry potter book, while travelling.
Books: In 1997, Her first book “Harry Potter and the Philosopher’s Stone” was Published in UK by Bloomsbury Publishers. In US, she sold the rights to Scholastic Publishers. Some of her books have made record sales in fiction books category. Harry Potter series 7 books were the most sold e-books on Amazon Platform.
Movies and Films:As on 2024, Harry Potter movies could make more than $7.7 billion income. Out it, J.K. Rowling could make 10% of the net profits as her royalties. In 2016, Harry Potter spin off movie series first movie The Fantastic Beats hit the screens; making $10 million income to J.K.Rowling. In 2010, Universal Studios created Wizarding World Attractions based on J.K.Rowling works; creating another revenue source for the author; it is one of the cash cow. In 2012, Harry Potter and Cursed Child play hit The Broadway; creating history in Broadway in non-musical category. HBO also created some products out of J.K.Rowling works. Some of her books took the form of miniseries in BBC as well.
Website: In 2012, J.K.Rowling launched her website pottermore.com; later migrated to wizardingworld.com. There are many activities, products and content for readers and kids on this website. Here, one can find her e-books, audio books, quizzes, puzzles, portrait maker and a shop.
Spending and Charity: As on 2024, J.K.Rowling investing in real estate, paying taxes and spending on charities. As on 2024, Her Charitable donations have crossed $150 million. She has donated $16 million to University of Edinburg Neurology Clinic in honor of her mother.
James Patterson having $800 million wealth, is the 2nd in the wealthiest authors across the world; If one can consider there are more than 10 to 15 authors from different parts of the world having individual net worth of more than $400 million. J.K.Rowling could also made into Forbe’s Billionaires list several times. Overall, her book series, movie spin-offs, audio books, e-books, website, etc are the diversifications done with innovative thought process.
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Dr.Goparaju P. Sudhakar
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References:
- Saha, P. (2023), “There is no Shortcut to Success: How A Jobless Single Mother of an Infant Became World’s Richest Author, With a Net Worth of Rs 9,000 crore”, Zee News, July 03, 2023.
- Hoffower, H. (2020), “J.K. Rowling is Worth at least $670 million, though some say she is a billionaire. Take a look at how the controversial author makes and spends her fortune.”, Business Insider, June 19, 2020.
- Forbes (2020), “J.K.Rowling: Profile”, forbes.com, April 06, 2020.
- Rosenfeld, J. (2023), “How Rich are J.K.Rowling, James Patterson and the Other Top 10 Richest Authors, Nasdaq.com, October 19, 2023.
- Bazaar (2018), “This is How Much JK Rowling Earns Every Minute”, Bazaar.com, November 16, 2018.
- Stewart, J.B. (2016), “In The Chamber of Secrets: J.K.Rowling’s Net Worth”, The New York Times, November, 24, 2016.