| Kippreport.com

The Business of… Harry Potter

December 6, 2010 5:36 by kippreport

Just how rich is JK Rowling? Let’s just say, in 2008 it was revealed that she earns £5 every five minutes: Forbes magazine says Rowling is second only to Oprah as the richest woman in entertainment – ahead of pop Queen Madonna and Martha Stewart. The title calls her the first author to become a billionaire from writing books.

But things weren’t always so rosy for Rowling, when she first started off she was living on welfare as a single mother stealing moments to write her tales of a teenage wizard in local cafes. When she finally did finish her first book she was rejected by more than 12 publishers, and her first publisher paid her only £1,500 for her work. But that is all in the past now; even though Rowling has finished writing the series, she still continues to earn a chunk of all royalties and merchandising made from the franchise.

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