Report: Harry Potter Earned $150 M. in 24 Hours
Variety reports out an interesting take on the record-breaking sales of Harry Potter and the Deathly Hallows:
While the book and movie businesses are structured very differently, dollars the franchise generated domestically this weekend for its creator and distributor surpass what a studio might take in for a hit tentpole. Publishers typically sell books to wholesalers and retailers for a 40%-45% discount off the retail price, which means the Saturday sales alone could generate more than $150 million in receipts for Scholastic and Rowling.
8.3 million copies of the book sold in the first 24 hours after its midnight release July 21. When you consider that almost all of the marketing and advertising costs are borne by the retailers, that's a lot of dosh.
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