Film moguls tearful at the demise of the Harry Potter series — the most lucrative film franchise in cinema history — have decided to ease their sorrow by splitting the final instalment into two films.

The first part of Harry Potter and the Deathly Hallows will appear in cinemas in 2010, with part two following in 2011 — a prospect that will delight accountants at Warner Bros and followers of J. K. Rowling’s creation in equal measure.

The five Harry Potter films released so far have made £2.20 billion at the box office, surpassing receipts from 22 James Bond films (£2.18 billion) and six Star Wars films (£2.08 billion).

Daniel Radcliffe, who plays the boy wizard, said that the decision to split the final book was motivated by artistic concerns rather than the hope of making another £450 million from cinema audiences.

“I think it’s the only way you can do it, without cutting out a huge portion of the book,” he told the Los Angeles Times.

“There have been compartmentalised sub-plots in the other books that have made them easier to cut — although those cuts were still to the horror of some fans — but the seventh book doesn’t really have any sub-plots. It’s one driving, pounding story from the word go.”

Rowling, who is estimated to have earned £550 million from book sales and film deals, approved the split but declined to comment. David Heyman, the producer for all the Harry Potter films, said that he wanted to be true to the spirit of the books.

“The Deathly Hallows is so rich, the story so dense and there is so much that is resolved that, after discussing it with Jo \, we came to the conclusion that two parts were needed.”

The films will be made back-to-back by David Yates, director of the fifth film, Harry Potter and the Order of the Phoenix, and the forthcoming sixth instalment, Harry Potter and the Half-Blood Prince.

The Deathly Hallows films will be released six months apart, at Christmas 2010 and in summer of 2011.

The Harry Potter films have made an average of £441 million each, but the profits from merchandising make the brand worth an estimated £10 billion. There are also plans for a theme park to open next year at the Universal Orlando Resort, in Florida.

Radcliffe, who is filming Harry Potter and the Half-Blood Prince in a disused aircraft factory in London, will be 20 when the final instalment is filmed. He described the forthcoming episode as “the funniest so far”.

Alan Horn, president of Warner Bros Entertainment, said that cutting out plot elements of the book would be a disservice: “This way, we have an extra hour and a half to celebrate what this franchise has been and do justice to all the words and ideas in the amazing story. This is the end of the story too. We want to give a full meal.”

Golden boy

5 Harry Potter films

£2.2bn What they made at the box office – more than the six Star Wars films or 22 James Bond films

£10bn Value of the brand, including profits from DVD sales, video games and other merchandise

£550m What J. K. Rowling has earned from book sales and film deals

£2,000 Advance offered to J. K. Rowling for the first book

Explore Books

• Book Extracts

• Book Reviews

• Books Group

• Audio Books

Times Recommends

• Superfreakonomics by Steven D Levitt and Stephen J Dubner
• The Times picks the 50 best paperbacks of 2009
• Vincent van Gogh’s letters show the soul of the artist