It didn't quite work. I'm not sure that it couldn't work, whether the problem was the author could not quite manage to fuse the elements, but it didn't, and it would take quite a stunt to pull it off. More industrialized fantasy -- even up to steampunk -- has the monsters and magic being more subdued. Either they go into hiding in odd corners of the world, or in the masquerade (Harry Potter or the overwhelming majority of urban fantasy), or they are put to work (Magic, Inc. or Operation Chaos) in an orderly magitech manner. (Hmmm -- Castle Hangnail? No, come to think of it, magic there is organized into a system where they all have their magical lairs, and the lairs need masters, and there's paperwork to ensure it goes smoothly. Not random eruptions.)
Or, of course, they manage to overwhelm the industrial revolution. Giants bashing down a factory, pixies pixy-leading the workers, basilisks killing all and sundry -- none of these are conducive to the steady output you need to achieve industrialization.