Bloomberg looks to the world with global growth ambitions
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Bloomberg Media CEO Justin Smith left earlier this year to launch a global news publication called Semafor with former BuzzFeed News head honcho Ben “Unrelated” Smith.
But the company he left behind won’t let him run away with the idea. According AxiosBloomberg is planning a rollout of deep local coverage in areas with relatively high GDP (read: people with money to pay for subscriptions), including an eye on international expansion in France, Germany, Japan, Malaysia and Africa from the start as well as later this year.
Company recovered abroad
Bloomberg has already launched new verticals around niches like “Bloomberg Green,” “Crypto,” self-focused “Hyperdrive,” and healthcare-focused “Prognosis.” According Axioswhile it has already achieved its other goal of $100 million in annual consumer subscription revenue.
Bloomberg Media’s forays into new markets will consist of a variety of strategies. Some will compete for scoops directly with local publications by hiring talent, much like Bloomberg has done in the UK. Others will involve partnerships with local media, such as Southern European vertical Bloomberg Adria, which works with Serbian broadcaster Mtel Swiss. The broader geographic footprint would add to an overall strategy to increase profits and mitigate exposure to subscriber churn:
- A new report from tech research firm Piano found that 43% of digital media subscribers stop using their subscription one day after signing up, up from 39% in 2021. For obvious reasons, they almost always cancel when they realize they have a subscription. re not used and accounted for 30% of cancellations among more than 500 publications studied.
- Bloomberg Media’s revenue grew 24% in the first six months of 2022. Expanding event business and 24/7 global news network, Quicktake, are among the fastest growing new revenue sources. faster, giving Bloomberg more robust business outside of its core media services.
We hope : Silver, the former trade publication once owned by Time, is having a good time these days – after a series of tumultuous sales, new owner Greg Powel, director of digital content company Ad Practitioners, made the publication profitable by reducing its editorial direction to niche consumer credit. With a name like that, it’s better to be in the dark.
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