NEW YORK: The Bloomberg Business site launched in the US on Wednesday, with a UK-specific version set to launch in March.
It 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 from more than 2,000 journalists worldwide.
The launch forms part of ambitions 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, cofounded in 1981 by Michael Bloomberg, the billionaire former mayor of New York, more as a direct competitor to the likes of the Financial Times and newcomer Business Insider.
In the UK, former Guardian leader Adam Freeman is managing the operations as Bloomberg Media’s first MD of Europe, the Middle East, and Africa.
"The language of the new site, Bloomberg Business, is very important. It’s not Bloomberg Finance or Markets," said Freeman. "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 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 wider business publishing.
"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," said Freeman. "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."
He added that startups generally don’t have the credibility of legacy media, and they lack CEO-level contacts and exclusive stories.
"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," said Freeman. "And we’re now going to tell those stories in a modern, digital way."
This story originally appeared on the website of Campaign.