The man who discovered Harry Potter – BBC News
After a shaky start in isolation, sales of one of London’s best-known publishers, Bloomsbury Publishing Plc, are skyrocketing as people revert to books over series and TV..
British publishing house Bloomsbury, which deals with a series of books on Harry Potter written by famous Joanne Rowling (J. K. Rowling), reported its most profitable first half of the year in over a decade.
The company laid off employees as the coronavirus crisis forced the publishing industry to close, but its fortunes have changed noticeably as the pandemic continues..
«This is a complete surprise because we had the same bleak start to the pandemic as everyone else in March, when 100% of our clients went offline worldwide.», – said Nigel newton (Nigel Newton), chief executive of the publishing group.
«And then we found that early on, people showed little interest and watched TV. But then reading reaffirmed its power, and people found they could hide from the world among books, and sales have skyrocketed ever since.».
Profit rose 60% to £ 4 million in the six months from the beginning of the year to the end of August, the highest in the first half since 2008, when revenue rose 10% to £ 78.3 million (over $ 102 million) … Exceeding earnings expectations pushed Bloomsbury shares up 15% to 242p at noon Tuesday.
The key driving force has been the Consumer Products and Services division, which, among other things, is responsible for the series «Harry Potter». The division’s profit more than quadrupled to £ 2.7 million and sales rose 17%. The publisher said that from mid-July to the end of September, sales of Harry Potter books grew by 8%..
Total online book sales and e-book revenues from readers using devices such as the Kindle have been «much higher», but the group did not reveal their numbers.
Newton said some books took over public sentiment many during isolation, for example, «Humanity: An Encouraging Story» Rutger Bregman (Humankind: A Hopeful History, Rutger Bregman), «Theater for dreamers» Polly Samson (A Theater for Dreamers, Polly Samson) and the resurgence of the popularity of Reni Eddo-Lodge’s book «Why don’t I talk to white people about race anymore» (Why I’m No Longer Talking To White People About Race, Reni Eddo-Lodge) that happened at background of the formation of the Black Lives Matter movement.
Other publications that did well were Paul Hollywood’s and Dishoom’s cookbooks as people sought out home pursuits. or a hobby, since bars, pubs and restaurants were closed.
Bloomsbury Digital Learning Resources reported 47% year-on-year revenue growth and nearly tripled customer base following school and university closures..
Alastair Reid (Alastair Reid), a media analyst for Investec, said that despite early concerns from investors about the impact of Covid-19 on demand and Bloomsbury’s ability to meet demand, the company’s results continue to refute those concerns. And added that fundamentals reflect the strength of demand for a range of products alongside a surge in demand for digital products..