Harry Potter and the Philosopher's Stone has become the moviewith the second biggest box office takings of all time by overtaking Star Wars Episode I at the weekend. Chris Columbus's adaptation of JK Rowling's bestselling children's book has taken more than $926m at cinemas worldwide but still trails Titanic, which amassed more than $1.8bn. Star Wars now languishes in third place with $922m.

Since its release three months ago, Harry Potter has stormed to the top of the charts in countries as far flung as Britain, Venezuela, South Korea and the US. With adaptations planned for the entire set of seven Potter books and the inevitable releases on DVD, VHS and merchandising, industry experts say the franchise could go on to take as much as $10bn.

The second Harry Potter movie, Harry Potter and the Chamber of Secrets, is also being directed by Columbus and retains the acting talents of the original cast. It is due in cinemas in November.