Jan 08 2008
WriteImage: When even Harry Potter’s magic isn’t enough to make publishing profitable, it’s time to pack it in
Vancouver-based Raincoast books, publisher of the high-flying Harry Potter books is closing its publishing department because the strong dollar is killing the business.
The Province newspaper reports that even with Harry Potter, and other titles that have won or been short-listed for every major literary prize in Canada, the company’s 13-year-old publishing division has been unprofitable.
Yikes. When a best-selling boy wizard gets zapped by currency fluctuations, something is very wrong with the universe… and the publishing industry.