Pottermore heralds 'exceptional' year as profits soar by 150%

Pottermore Publishing, the digital content company for J K Rowling’s Wizarding World, saw revenues rise by around a quarter to £40.4m while pretax profits rocketed 150% to £9.5m.  

The company reported details of its financial results on 31st January covering the period for the 12 months to 31st March 2021. It has not yet made its accounts public at Companies House. 

Revenues saw an uplift of 23% from £32.5m in 2020 to £40.4m while pretax profits soared from £3.8m to £9.5m. 

The company said: “Pottermore Ltd had an exceptional year benefitting from a significantly increased appetite for digital reading during the pandemic, strong sales performance of the Harry Potter e-books and digital audiobooks and continued investment in franchise planning in partnership with Warner Bros. 

“The Harry Potter At Home campaign, delivered by Wizarding World Digital LLC, further supported reading during the lockdown of 2020. This saw celebrities from the Wizarding World and beyond read from Harry Potter and the Philosopher’s Stone (Bloomsbury Children’s). The chapter reads were made available free of charge on www.wizardingworld.com. Pottermore Publishing also worked with partners such as Audible and Overdrive during this time to allow free access to the audio book and e-book of Harry Potter and the Philosopher’s Stone in multiple languages.” 

Trading in the first part of the current year, to 31st March 2022, has been in line with management expectations, Pottermore said. It reported: “Sales of Harry Potter e-books and digital audiobooks remain solid and 2021/22 is set to deliver another profitable performance.  The company is also investing in staffing, and reserach and development.” 

The publishing company said it continues to benefit from the open commerce strategy which makes its content available through online retail and library partners such as Amazon, Apple, Audible, Google, Storytel, Bookbeat and Overdrive. 

Digital channels continue to be managed by Wizarding World Digital LLC through subsidiary Pottermore Inc and Warner Bros. 

Jennie McCann, publishing director at Pottermore Publishing, said: “We’re so pleased to deliver another good result from Pottermore Publishing. In the current environment, reading feels more important than ever and we’re so glad Harry Potter continues to provide enjoyment and solace for so many, nearly 25 years on. We will continue to invest in growing the business as we bring the original series to new generations in additional languages and territories, alongside championing innovation and growth across formats.”  

These results follow a positive trajectory for the company. In January, it revealed revenues had increased by 3.2% and profits had risen 23.2% in the 12 months to 31st March 2020.