Bloomberg LP built its billion-dollar business that sells high-priced data terminals to institutional clients such as financial services firms. Today, it is focusing a lot of energy on reaching consumers in the media.
On Monday, the company will launch an online TV channel, built on social media brand QuickTake, that will go beyond Bloomberg’s core financial and market sectors, with more focus. into lifestyle and general interest news. It will start with 10-and-a-half hours of daily news and documentary programming, and will launch on streaming platforms including Apple TV, Roku, and Amazon Fire TV, the company said.
Meanwhile, Bloomberg is building a solid business run from selling $ 39.99 a month subscriptions to its top news website. Justin Smith, chief executive of Bloomberg Media, said there are currently 250,000 subscribers, about 40% of which are outside the US.
“We have been building our digital presence and are actively looking to position our media company in the new media landscape,” said Smith. He expects the site to generate over $ 100 million in sign-up revenue by the end of next year.
According to research firm Burton-Taylor International Consulting, Bloomberg’s complex terminals, which provide a variety of financial data and reports from Bloomberg News, account for the majority of the company’s $ 10.5 billion in revenue. brought back last year, according to research firm Burton-Taylor International Consulting. But the terminal business’s growth has slowed down. In recent years, the company has focused on innovating on developing its consumer-communications business, an area that could have greater growth potential.