Potter is now a global phenomenon
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BBC News Online highlights the key movies in the development of the British film industry.
The money behind the film may be American but the all-British cast, British locations and British source material from JK Rowling just about qualifies it as a British movie.
It may not have made much of an impression at the Oscars but it certainly did at the box office, taking more than $365m in the US alone.
The film was similarly ignored at the Baftas.
When it was released the movie also opened on 3,762 screen in the US, which was a record.
Director Chris Columbus remained faithful to the book and so avoided castigation from millions of Potter fans around the world.
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Credits
Director: Chris Columbus
Producer: David Heyman
Screenplay: Steven Kloves
Score: John Williams
Cast: Daniel Radcliffe, Emma Watson, Rupert Grint
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Much of the film's Britishness is down to author J.K. Rowling.
She reportedly insisted that the main cast be British although Richard Harris was Irish and Zoe Wanamaker is actually a US citizen.
Steven Spielberg was reported to have been offered the director's chair first and he wanted Haley Joel Osment for the part of Harry.