On Jan. 20 Bloomberg L.P. will be unveiling a media portal, Bloomberg Business. Although the launch date has been pushed back twice, they are firm on their release date, lining up with the annual meeting of the World Economic Forum in Davos, Switzerland.
The exposure it could gain from the World Economic Forum would be highly beneficial, reaching crucial audiences. It aims to streamline and expand Bloomberg Media Group, gaining a broader influence within the consumer media space, a tactic that could target a larger audience among general business readers.
It also advocates for the influence of the Bloomberg Professional Service – a high priced subscription, essential for tool traders all over the world.
Bloomberg’s main revenues come from their financial news and date provider, but the media group is expected to reap additional advertising revenues. These profits would replace the $30 million they have been losing from the cable channel Bloomberg TV and the Magazine Bloomberg Businessweek.
Bloomberg TV is said to have a small viewership and is the biggest downfall of the Bloomberg Media stable. For example the half hour politics show, “With all Due Respect,” that airs on Bloomberg TV, only has a mere 55,000 viewers. The company is attempting to change those numbers with the launch of this new media platform.
The changes would include the redesign of Bloomberg.com, which already consists of Bloomberg Media Group products like Bloomberg Businessweek and the opinion website Bloomberg View, as well as stories that go out to terminal subscribers via Bloomberg News, which comprises of 2,000 journalists worldwide.
Bloomberg Business will comprise of businessweek.com. This will allow readers to become acquainted with Bloomberg News and the company’s brands, such as Bloomberg Politic, Bloomberg Markets and Bloomberg Pursuits.
Justin Smith, the C.E.O. of Bloomberg Media since October 2013, told Capital through a spokesman that Bloomberg Business “will take the creative DNA of Businessweek and combine it with the power of Bloomberg News to deliver a compelling consumer experience at web speed and rhythm.”
According to Capital New York, Bloomberg Business will be the second launch in a series of new cross-platform brands within the media group. The first was Bloomberg Politics, which has been building up a constituency since its Oct. 5 debut as a standalone website and TV show helmed by marquee political journalists Mark Halperin and John Heilemann.
“We made a choice to swap the launch dates,” said the spokesman. “Politics came together faster than we anticipated, so we decided to take advantage of an opportunity with the midterm elections approaching.”
This November, Bloomberg Politics had 2.15 million U.S. visitors from mobile and desktop platforms. That means just in the first month it is up 1.78 million, according to a measurement firm Comscore.
In addition to the launch, the Bloomberg company has been facing many changes. Bloomberg returned after his third term as Mayor of New York. Matt Winkler has resigned from his position of editor in chief of Bloomberg news after 24 years. Winkler will be replaced by John Micklethwait, the editor of The Economist.
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