Bloomsbury paid J.K. Rowling a £1,500 advance on royalties for the first Harry Potter Book, Harry Potter and the Philosopher's Stone.
Before Bloomsbury decided to publish the book, it was rejected by twelve publishers. After Rowling received her advance, she received an £8,000 grant from the Scottish Arts Council which she had applied for to enable her to continue writing.
Further to this, Scholastic Inc., the American publisher for the Potter books, paid Rowling $100,000 in advance, after winning an auction for the rights to publish Philosopher's Stone. The book's name was changed to Harry Potter and the Sorceror's Stone in America to prevent poor sales, as it was thought that Americans would hold more interest in the word 'Sorcerer' rather than 'philosopher'.
Barry Cunningham, then an editor at Bloomsbury, told Rowling that she would not make any money from writing children's books. The book went on to sell around 17 million in the United States and 70 million worldwide.
Before Bloomsbury decided to publish the book, it was rejected by twelve publishers. After Rowling received her advance, she received an £8,000 grant from the Scottish Arts Council which she had applied for to enable her to continue writing.
Further to this, Scholastic Inc., the American publisher for the Potter books, paid Rowling $100,000 in advance, after winning an auction for the rights to publish Philosopher's Stone. The book's name was changed to Harry Potter and the Sorceror's Stone in America to prevent poor sales, as it was thought that Americans would hold more interest in the word 'Sorcerer' rather than 'philosopher'.
Barry Cunningham, then an editor at Bloomsbury, told Rowling that she would not make any money from writing children's books. The book went on to sell around 17 million in the United States and 70 million worldwide.
