RINGGER AG , the largest Swiss media company, will focus on new media such as Websites and magazines as part of its strategy to tap the Chinese media market.
"It's an intelligent move that the Chinese government opened the media market to foreign companies, as a competitive environment can benefit the industry,'' Chairman Michael Ringier said yesterday at the firm's 175th anniversary ceremony in Shanghai, the first stop of a series of events globally .
Ringier is profitable in China now and it will invest its earnings into new ventures in the Chinese market where it also operates several Websites, he said.
Cooperation with the Wenhui-Xinmin United Press Group, parent of Shanghai Daily, is Ringier's latest effort in tapping into China.
The two sides published "Xinmin Bella'' last October with plans to build it as the first weekly fashion magazine which provides practical information to women. The magazine's circulation has reached 150,000 copies and a series of fashion events will be held from May to October to promote the publication.
"Xinmin is a valuable brand, which is necessary for creating a new magazine,'' said Tim Murray, the chief executive officer of Beijing Ringier International.
Ringier operates four companies and seven magazines in China, including City Weekend, and employs nearly 700 employees.
"We invested US$200 million in a Swiss Website company which deals in classified ads, and we will expand the idea of this company to other countries,'' Ringier said.
He said new media is expected to contribute 10 percent to the group's turnover by 2010.