Harry Potter publisher witnesses a significant drop in revenues

If you read Harry Potter books then you must be aware about Bloomsbury. This is the company which publishes Harry Potter series of books but now its feeling the pressure and its annual profits have dropped down to £5.2 million. When compared to the revenues of December 2005 which stood at £20.1million it represents a significant fall The publisher admits that it has been a challenging year and put the blame on bad pre Christmas trading and few bestsellers in its kitty. It’s even facing pressure due to changing market trends such as pressure from retailers and agents of authors for advances. Bloomsbury looks optimistic for the current year and is pinning its hope on Harry Potter and the Deathly Hallows and The Kite Runner by Khaled Hosseini. It is also looking towards acquisitions and web based initiatives. To me it looks that Harry Potter has run out of gas and the response that it received over the years has cooled down probably that’s why Rowling has put a full stop to the Harry Potter series. God save Bloomsbury!!