Bloomberg moves to expand its base with new consumer play

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Adam Freeman.
Adam Freeman.

Bloomberg Business will use curation and social channels to take on Business Insider and other digital contenders

Bloomberg has expanded its media footprint with the launch of a new flagship media site, Bloomberg Business, designed to broaden the financial giant's remit in the business world.

The Bloomberg Business site launched Wednesday in the US, with a UK-specific version set to launch in March. Bloomberg Business is a key component of a strategic plan to streamline the group’s existing media assets while developing verticals such as politics, tech and fashion. 

As well as exploring new sectors in depth with dedicated regional teams, Bloomberg Business also includes content from Bloomberg TV, Bloomberg Businessweek, opinion website Bloomberg View and stories that go out to terminal subscribers via Bloomberg News. The group can already draw on the resource of more than 2,000 journalists worldwide.

The launch forms part of ambitious plans to boost Bloomberg Media’s role within the group, with the aim of attracting a wider audience and new advertising revenues. It positions the financial company, co-founded in 1981 by Michael Bloomberg, the billionaire and former mayor of New York, more as a direct competitor to the likes of the Financial Times and newcomer Business Insider.

In the UK, the operation is being led by former Guardian leader Adam Freeman, Bloomberg Media’s first managing director of Europe, Middle East and Africa. 

Freeman said: "The language of the new site, Bloomberg Business, is very important. It’s not Bloomberg Finance or Markets. This will be played out across all our platforms, including the Twitter handle @Business, which is a fantastically broad and powerful handle."

Noting that Bloomberg currently posts up to 5,000 updates a day on its newswire service alone, he says the new web strategy is about packaging "fewer, better stories" — providing news and context. It takes the might and breadth of Bloomberg LP, propelled by the millions of pounds generated through its terminal subscriptions, into the realm of the wider business publishing.

Freeman said: "It is about doing the Business Insider trick of finding things that are interesting or exciting, and telling them in a very social way – something that Bloomberg has never done before."

"I think there’s a really interesting mix at the moment. You have the traditional business media, which haven’t really changed their editorial tone for the last 30 years, despite the fact that business has changed all around them.

"Then you have the startups, which are really innovating and telling stories, but do not have the credibility of traditional media. They don’t fact check, the CEOs don’t talk to them, they don’t have the exclusives. At Bloomberg we can do both.

"We’ve got huge brand credibility, huge journalistic resource, huge opportunities to ask questions that nobody else can, because of the data that we have. And we’re now going to tell those stories in a modern, digital way."

This article first appeared on campaignlive.co.uk.

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