Warner Brothers Looking to Retain Loyal Harry Potter Fan Base (TWX)
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With the Harry Potter series now coming to an end, the question is whether Time Warner's (NYSE: TWX) Warner Brothers is going to be able to retain its loyal fan base.
Barry Meyer, Warner Brother’s chairman and CEO does not believe this will be too much of a challenge. "We obviously think Potter is an evergreen property. This is not something that ends with the film franchise."
The company announced it plans to open more Harry Potter theme parks around the world in hopes to sustain the revenue profits Harry has brought to the company. So far Harry Potter has grossed nearly $20 billion in retail sales for Warner Brothers and has added roughly $1 billion to the studios bottom line.
Warner Brother does not know if J.K. Rowling is going to write another book, but notes there will not be another movie if a new book is not released. This will create a challenge for the company as people become less interested in the story as it becomes old.
Warner Brothers purchased the right to Ms. Rowling's "Fantastic Beasts and Where to Find Them” and "Quidditch Through the Ages," two books which were published back in 2001. The company plans on using these books to interest younger generations who missed out on the Harry Potter era.
Some other plans involved its London studio transforming into a museum-style tourist destination in which people may come and visit. It will be the studio where the movies were originally filmed so fans will be able to go on tours through set pieces like the Great Hall and Diagon Alley. The museum/exhibit is forecast to open in April 2012 before the Olympic games in London begins. Executives are also looking forward to Ms. Rowling and Sony Corp. (NYSE: SNE) coming out with a new website called “Pottermore.” They said it will allow fans to stay updated on stories of Harry and the other characters while keeping the story and idea fresh in people’s minds.
The new film, "Harry Potter and the Deathly Hallows Part 2," is on track to be the most profitable opening film in the Harry Potter series after having sales of over $32 million on Friday morning alone. "Deathly Hallows Part 1" currently holds the record with $125 million.
Barry Meyer, Warner Brother’s chairman and CEO does not believe this will be too much of a challenge. "We obviously think Potter is an evergreen property. This is not something that ends with the film franchise."
The company announced it plans to open more Harry Potter theme parks around the world in hopes to sustain the revenue profits Harry has brought to the company. So far Harry Potter has grossed nearly $20 billion in retail sales for Warner Brothers and has added roughly $1 billion to the studios bottom line.
Warner Brother does not know if J.K. Rowling is going to write another book, but notes there will not be another movie if a new book is not released. This will create a challenge for the company as people become less interested in the story as it becomes old.
Warner Brothers purchased the right to Ms. Rowling's "Fantastic Beasts and Where to Find Them” and "Quidditch Through the Ages," two books which were published back in 2001. The company plans on using these books to interest younger generations who missed out on the Harry Potter era.
Some other plans involved its London studio transforming into a museum-style tourist destination in which people may come and visit. It will be the studio where the movies were originally filmed so fans will be able to go on tours through set pieces like the Great Hall and Diagon Alley. The museum/exhibit is forecast to open in April 2012 before the Olympic games in London begins. Executives are also looking forward to Ms. Rowling and Sony Corp. (NYSE: SNE) coming out with a new website called “Pottermore.” They said it will allow fans to stay updated on stories of Harry and the other characters while keeping the story and idea fresh in people’s minds.
The new film, "Harry Potter and the Deathly Hallows Part 2," is on track to be the most profitable opening film in the Harry Potter series after having sales of over $32 million on Friday morning alone. "Deathly Hallows Part 1" currently holds the record with $125 million.
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