It’s 30 years since I began my career in publishing. I have worked for two major global brands, a number of niche publishers, and now I work for a start-up. For all of this time, I have worked in non-fiction – mostly professional (law, tax, accounting), business and financial subjects. I began as an editor in London, became a commissioning editor, launched a publishing business in Hong Kong, managed a portfolio of financial information services for the capital markets in Asia Pacific, and currently lead the global business development efforts for a market data start-up in blockchain, crypto and digital assets. Even when I started back in 1989, industry commentators were predicting the end of print. And despite the best efforts of the internet and social media to decimate the traditional business models, we are still producing and consuming an ever-growing volume of content.
The first company I worked for was Sweet & Maxwell, a 200-year-old UK law publisher. In 1989, it had recently been acquired by The Thomson Corporation (now Thomson Reuters), a global media and information brand, and majority owned by the Thomson family of Canada. When I began as a legal editor with Sweet & Maxwell in London, Thomson still had newspaper and broadcasting interests (the family continues to own the Toronto Globe & Mail), a directory business (a rival to the Yellow Pages), a travel business (comprising an airline, a travel agent and a tour operator), and a portfolio of publishing brands that ranged from the arts to the sciences, from finance to medicine, from defence titles to reference works.
Thanks to Thomson, not only did I get incredible experience from working in the publishing industry, I also got to start a new business in Hong Kong (which is still in existence). This role took me to China for the first time in 1995, including a couple of private lunches at The Great Hall of The People in Beijing. The Hong Kong business expanded to include operations in Singapore and Malaysia – during which we survived the handover and the Asian currency crisis. I also spent quite a bit of time for Thomson in the USA, working on international sales and distribution, before joining one of their Australian businesses for a year.
Given the subscription nature of law, tax and accounting publishing, many of the printed titles came in the form of multi-volume loose-leaf encyclopedias, which required constant (and laborious) updating throughout the subscription year. In fact, as editors we had to forecast and estimate the average number of pages required to be added or updated each year. If we exceeded the page allowance, the production team would not be happy. And if the number of updates each year did not match the budgeted number we had promised subscribers, the finance team would not be happy. So, we had a plethora of weekly, monthly, bi-monthly, quarterly, semi-annual and annual deadlines and schedules to manage – even today, I recall the immense relief we experienced when we got the CRC (camera ready copy) for the next release back from the typesetters, on time, and on budget…
This blog owes its title to something that senior Thomson executives liked to proclaim: “Content is King!” We were still in the era of media magnates, when newspapers (with their display and classified advertising) had a license to print money – the “rivers of gold” as some called it. But as the internet and online search came to determine how readers discovered and consumed information, the catch cry became “Content in Context!”, as publishers needed to make sure they had the right material, at the right time, in the right place, for the right audience (and at the right price….).
Of course, over the 12 years I was at Thomson, technology completely changed the way we worked. When I first started, editors still did a lot of manual mark-up on hard copy, while other specialists were responsible for technical editing, layout, design, indexing, proofreading and tabling (creating footnotes and cross-references, and compiling lists of legal and academic citations). Most of the products were still in printed form, but this was a period of rapid transition to digital content – from dial-up databases to CD-ROM, from online to web formats. Word processing came into its own, as authors started to submit their manuscripts on floppy disk, and compositors leveraged SGML (Standard Generalized Markup Language) for typesetting and for rendering print books as digital documents. Hard to believe now, but CD-ROM editions of traditional text books and reference titles had to be exact visual replicas of the printed versions, so that in court, the judges and the lawyers could (literally) be on the same page if one party or other did not have the digital edition. Thankfully, some of the constraints disappeared as more content went online – reference works had to be readable in any web browser, while HTML enabled faster search, cross-referencing and indexing thanks to text tagging, Boolean logic, key words and embedded links.
The second global firm I worked for was Standard & Poor’s, part of the The McGraw-Hill Companies (now S&P Global). Similar to Thomson, when I started with McGraw-Hill, the McGraw family were major shareholders, and the group had extensive interests in broadcasting, magazines and education publishing, as well as financial services. But when I joined Standard & Poor’s in 2002, I was surprised that there were still print publications, and some in-house authors and editors continued to work with hard copy manuscripts and proofs (which they circulated to one another via their in/out trays and the internal mail system…). Thankfully, much of this time-consuming activity was streamlined in favour of more collaborative content development and management processes. And we migrated subscribers from print and CD-ROM to web and online (XML was then a key way of streaming financial data, especially for machine-to-machine transmission).
Working for Standard & Poor’s in a regional role, I was based in Melbourne but probably spent about 40% of my time overseas and interstate. My role involved product management and market development – but although I no longer edited content or reviewed proofs, I remained actively involved in product design, content development, user acceptance testing and client engagement. The latter was particularly interesting in Asia, especially China and Japan. Then the global financial crisis, and the role of credit rating agencies such as Standard & Poor’s, added an extra dimension to client discussions…
After a period as a freelance writer and editor, for the past few years I have been working for a startup news, research and market data provider, servicing the growing audience trading and investing in cryptocurrencies and digital assets. Most of the data is distributed via dedicated APIs, a website, desktop products and third party vendors. It may not sound like traditional publishing, but editorial values and production processes lie at the core of the business – quality digital content still needs a lot of work to capture, create and curate. And even though the internet gives the impression of reducing the price of online content to zero, there is still considerable value in standardizing, verifying and cataloguing all that data before it is served up to end users.
Next week: You said you wanted a revolution?