Gravity Falls Well Meet Again Licensing Fees Expensive
The origin story is well-known. JK Rowling penned the famous tale of a boy wizard named Harry Potter while waiting in an Edinburgh cafe for a delayed train.
She sent the beginning 3 chapters to a number of publishers, and was knocked back again and once more, until ane finally said yes.
Only how did a seemingly simple story of a young boy struggling to conquer a powerful magical foe get a multi-billion-dollar global franchise?
The chief executive officer of Australia's largest precinct for start-ups, Lighthouse Sydney, says in that location are a number of things which have driven its success.
"First is the timing of when these books were written and when the films came out," Annie Parker said.
"It came out at that historic period where technology had started to become much more ubiquitous in the sense that there was [more] ways for people to engage with the story — whether that be some of the toys that were actually creative, whether that be on Pottermore or other fan sites like the Leaky Cauldron, loads of different ways for y'all, equally a fan, to engage.
Although that'southward non to say that everyone was free to utilize the story.
In its early years of producing the films, Warner Bros reportedly chased a number of individuals for rights infringements.
But as fan fiction websites and other spin offs emerged, JK Rowling and other players in the franchise were able to use it to their advantage — and secure various revenue streams.
As Ms Parker points out, Rowling has establish success with various spin-off projects, such equally Pottermore, suggesting that the author's willingness to engage with fans and the story in new and creative means was a master stroke.
Is information technology a franchise?
Since its start publication, Harry Potter has spawned seven books (excluding various spin-offs), 8 movies (excluding Magical Beasts and Where to Find Them), video games, toys, clothes, websites and theme parks.
And each of these areas form part of the franchise, or conditional grant, which involves the owner granting a licence to use a particular product, according to Jason Gehrke, the manager of Australia's Franchise Advisory Centre.
He says the term can be practical in slightly different contexts to a formula for producing a product, service or a class of amusement.
"So part of the conditions attached to the bargain … volition exist paying money to the owner of those rights and the owner of those rights will stipulate that the products [such as dolls or movies] accept to represent Harry Potter as he was portrayed," Mr Gehrke said.
JK Rowling does not exclusively own all Potter-related trade but, co-ordinate to The New York Times, all the same collects licensing fees from them.
Warner Bros, the studio behind the vii Potter films and Fantastic Beasts, also has a fair cut — including from telly and merchandise licensing deals.
Ms Parker says it was probably the "smartest thing" out of everything JK Rowling did to retain the rights over Harry Potter and the earth she created.
"And expect this has been a real gamble because let'south face up it when she did those picture rights it could have all gone on the cutting room floor," she said.
How much is it worth?
According to market research and statistics grouping Statistic Brain, which ran the numbers on the Harry Potter movie sales, volume sales, DVD/digital sales, rentals and toy sales terminal year, estimated sales for the franchise are worth upwards of $US24 billion (in muggle money).
| Description | Sales |
|---|---|
| Total movie sales | $US7,216,000,000 |
| Book sales (RRP: $US24.99 per book) | $US7,743,000,000 |
| DVD / digital sales | $US1,978,000,000 |
| Rentals | $US607,000,000 |
| Toy sales (judge) | $US7,307,500,000 |
| Source: Statistic Brain gear up based on IMDB, Scholastic Children's Books (the US book publisher) data |
That has been backed upwardly past Time Inc's Coinage, a video make which covers personal finance, which reported it was worth roughly $US25 billion in March.
(Or for those of you securely immersed in the wizarding earth, approximately 51,877,678.62 Galleons, 11 sickles and 15 knuts, Coinage reports.)
Fourth dimension's also included figures from the most recent Fantastic Beasts and Where to Find Them film, with the serial expected to bring in more revenue as more movies are released in the time to come.
Corking for a story which, every bit the legend goes, was knocked back a number of times before it was taken upwards by Bloomsbury.
How does it compare to other franchises?
Mr Gehrke said the franchise is in "a league of its own" when it comes to the kind of success it has had.
"I think if you look at it in sheer dollar terms and the corporeality of money that has been invested in the brand and spent on information technology and the level of awareness of the brand, then you would take to say it is in a league of its ain," he said.
"Then probably the adjacent matter that comes in line afterwards that, which is considerably more adult and less child friendly, is perhaps the Game of Thrones franchise.
"But that to date has been limited to the small screen and hasn't been commercialised through toy deals and other stuff that Harry Potter has been."
While it may exist unique, it is certainly not the about successful entertainment franchise, with estimates of George Lucas' Star Wars valuing information technology at $30 billion and higher.
Lucas sold Lucasfilm, which endemic Star Wars, for $4 billion in 2012.
But Ms Parker says what makes it different from other franchises is the backstory, adding that "the books started from such a bones being".
"JK Rowling was a single female parent, she was in quite poor weather on the bread line so for her to have had the foresight to know that footling book was going to turn into a worldwide miracle — there's no manner she could accept known that," she said.
"And I retrieve considering it'southward come from the purity of that story place, it doesn't come across as a horrid corporate franchise, even though information technology does make an awful lot of money."
Ms Parker says the origin story and Rowling, who is reported to take given quite a lot back to clemency, make it look less similar a franchise but a globe that people can be a part of.
Posted , updated
Source: https://www.abc.net.au/news/2017-06-26/harry-potters-billion-dollar-entertainment-franchise/8627442
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