The Harry Potter series is extremely famous series known worldwide. The books have been out for a very long time and been made into movies as well. Ever since they came out, they have been very famous and have been selling incredibly well, but when a movie comes out, the sales for the books usually increase more . The article that I chose is called “‘Deathly Hallows’ film Breathes Life into Harry Potter Book Sales” and explains this interaction. The concept that I picked out from this article is market interaction because it occurs when price and output changes in one market affect other markets and change the price and quantities in those markets too just how the books and movies do.
The article discusses in depth how the movies increase the sales of the books. Before the first movie came out, the sales for the first four books were below 100,000 each. In the week before the release of the first movie, during the release, and a few weeks after, a tremendous increase in the book sales was shown. In the week of the movie’s debut, the book Harry Potter and the Sorcerers Stone alone sold around 223,200 copies while the other 3 books increased too but were not that high. The same is true for the release of Harry Potter and the Deathly Hallow: Part 1 and the other movies as well. Before its release, around 1, 750 copies of the 2nd, 3rd, 4th, 5th, and 6th book around 3,500 copies of the 1st and 7th book were being bought but as the release date for the movie drew closer, the sales for all the books increased though not all were increasing by a lot. The 7th book increased the most and sold somewhere near 7,000 copies and the 1st one sold around 5,250 copies, which one can see in the graph below.
Throughout this article, the interaction between the movie market and book market of Harry Potter is evident. One can see that whenever there is a movie that is about to be released or is already out at the moment, the sales for the Harry Potter books go up (although the jump in sales have diminished significantly with each succeeding movie). The reason for this might be that when a new movie comes out, and the public enjoys it, it might inspire the people who were not fans before to read the books to continue the journey of Harry Potter or understand the whole story better and this can cause more books to sold. This shows market interaction because the movie influences the book market to increase. It is most probably the same vice versa. The books might cause the movie sales to go up as well when a new book comes out.
I chose this topic and article because the Harry Potter series is truly something I am interested in. I have read all the books and seen all the movies and have thoroughly enjoyed them all. Because a new Harry Potter movie recently came out, I thought that this would be a great opportunity to see how the movie and book market interact with each other and influence each other. Because I actually like Harry Potter, it seemed like a good idea to choose something that I am actually interested in rather than something that is complicated and something that I don’t really understand or have any interest in.