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Digital publishing, we have confidence in the Chinese market

digital publishing is the general trend of future publishing development, which has become the consensus of global industry. However, there are not many successful examples in China and even in the world, and Waco is one of them. In 2008, its sales reached 3.4

billion euros (about $5billion), half of which came from digital products. Nancy McKinsey, CEO of the group, is an important driver of Waco's strategy. Listening to her voice, which is more stable for the detection of materials with high experimental requirements, will undoubtedly enlighten the development of digital publishing in China

Q: as far as I know, all the businesses of the president of Waco Group China are directly reported to you, which is unique in Waco, an international company. How do you view the Chinese market

Nancy: Waco has participated in the Frankfurt Book Fair for more than 20 years, and innovation is the theme of our exhibition this year. This year, our booth design has added a lot of Chinese colors. Students from the Central Academy of fine arts of China were invited to design some creative pictures to decorate the entire booth. I am very excited to express our attention to the Chinese market through such a creative thing. China is our most important strategic market. During the book fair, we also arranged many meetings with Chinese publishers

since Waco entered the Chinese market more than 20 years ago, it has been committed to providing professional information support to Chinese professionals. Since 1985, we have established bilingual magazines such as "Chinese talents" in Hong Kong. Our development strategy in China includes: improving leadership, launching new Chinese products, and extending our successful experience in other countries to the Chinese market

Q: 52% of the revenue of Waco group comes from and software products, but the market scale of digital publishing in China is still small. What advice do you have for Chinese operators? What is the development direction of Waco group in this regard

Nancy's annual production is more than 3000 tons: Waco group has carried out business related to digital publishing in many countries in Eastern Europe, and we see strong market demand. Our way is to gradually let more people know and accept our products and services through customers and media, which is a natural development process. In Eastern Europe, online products accounted for only 20% of the market share five years ago. Now, they have developed to 60% - 70%, and will rise in the future. We have confidence in the Chinese market

in China, Waco's legal products are in the leading position, and its tax and financial products are also in the forefront. Most of its customers are the financial departments of the four major accounting firms and large companies. We have carried out copyright cooperation with local publishers in China, and also made some direct investment. Waco is an important investor of good doctors on the medical education platform

Q: as a leading information service and publisher in the world, what is the development direction of Waco in the next three years

Nancy: Waco's goal is to become a provider of overall solutions within a few years. For example, in medical and health care, we hope to meet all the needs of doctors and nurses. Of course, these are inseparable from the support of traditional publications. We should deeply understand what professional workers need in their work and provide on-the-spot solutions. For example, a doctor is making hepatitis live longer: patients will need relevant information when they are treated. We need to do a lot of research before we can quickly give intelligent solutions

Waco has acquired about 300 companies in the past few years. Everyone works in different technology platforms and systems, and each does its own thing. Therefore, integrating business and improving efficiency is still one of our priorities

the price is within a reasonable range. In addition, we find that there are many different regulations in the markets of various countries in terms of supervision. We need to find ways to let you know these differences and launch products that can help professionals improve productivity. We attach great importance to this

Q: the global economic recession is still continuing. How has Waco been affected and how did it respond

Nancy: Waco group has encountered great challenges in the financial crisis, especially in the field of financial products. It is gratifying that the renewal business of our main business is still developing steadily

of course, there may be some impact on the new contract. Our countermeasure is to go deep into the market as far as possible, further improve efficiency and provide more considerate services to customers

related links: Waco group is a leading professional information service and publishing group in the world, which provides services for professionals in the fields of health care, taxation, finance, corporate, financial services, laws and regulations, etc

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