HBO’s investment in the upcoming “Harry Potter” TV series puts its budget in the same bracket as some of the network’s priciest shows, with the initial cost for Season 1 starting off around $200 million.
According to earnings filings from the HBO-owned Plum Jam Productions, which produces the “Harry Potter” series, revenue hit £130.6 million (nearly $175 million) in 2025, when the series began production at Warner Bros. Studios Leavesden.
The companies’ revenue in 2024, when preparations began for the series, was £18.4 million (about $25 million), putting the budget for the show’s setup — which is aiming for a seven-season run to portray one J.K. Rowling “Harry Potter” book per season — around £150 million, or just over $200 million.
The figures from the filing might not demonstrate the full costs associated with production, given that the company — which exists to assist with filming reimbursements in the U.K. — has been associated with previous productions, including “The Nevers,” when it took on the name Roundabout Productions. HBO declined comment.
But, despite the elevated numbers — the first movie worked on a $125 million budget — an individual familiar with the matter told TheWrap that episodic budgets are on par with HBO’s world-building shows like “Game of Thrones” spinoff “House of the Dragon” and “The Last of Us.” The final season of “GOT” reportedly cost about $15 million per episode, while “House of the Dragon” has been valued at $15-$20 million and “Last of Us” at $10-$15 million.
The elevated costs also account for an up front investment for HBO to create sets and infrastructure that will be used across the seven seasons, though only two seasons have been officially greenlit, with production on Season 2 kicking off this fall.
That infrastructure even includes a school building for children actors to attend for the next decade.
“Harry Potter” will debut Christmas Day on HBO and HBO Max.
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