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Photo: Bloomberg

Bloomberg's new Twitter network will launch on Dec. 18 with six founding partners: Goldman Sachs, Infiniti, TD Ameritrade, CA Technologies, AT&T and CME Group — and more are in the works. The average price point of the partnerships is $1.5 to 3 million, leading to Bloomberg securing eight figures in revenue in its first year.

Why it matters: The investment is a part of a major digital push by the company to stay competitive in an era where Google and Facebook have tightened their grip on the digital advertising market.

The details: Bloomberg is hiring around 50 people to staff the new project, which will exist as the first 24-hour social news network on Twitter.

"In this age of the Google/Facebook duopoly, a relentless focus on invention and innovation is the only way to succeed," says Bloomberg Media CEO Justin Smith. "The fruits of disruption don't and shouldn't only belong to the dominant tech (aka "Media") platforms."

"Massive growth opportunities are available to all, but they require companies and leaders aggressively committed to new thinking and new models," says Smith.

  • Bloomberg Media's digital advertising revenue has grown over 25% year to date, through Q3 and Q4 advertising bookings are pacing even stronger. The company just has its best-performing quarter ever, largely thanks to advertising sales revenue. Its Q3 total advertising revenue grew more than 5% year over year, driven by digital growth in custom content, video, audio, and programmatic.
  • Bloomberg today offers 27 different ad tech products, which are developed in-house. The site's current design is a product of in-house engineers pushing for a clean, scrolling user experience that mimicks the interactions a user would typically see on a tech platform. An in-house product called Javelin was built to cut page load time by 30-50%.
  • Bloomberg has so far collected data on more than 1 million users across its digital platforms, driving personalization on its site and apps and helping its newsroom automatically tag stories with metadata.
  • Data-driven insights have also become a major revenue stream for Bloomberg, with ad products like Trigr that allow marketers to buy ads in response to the markets in real time.

A commitment to digital has transcended to Bloomberg's TV and video strategy, with strategic investments in over-the-top and connected devices. On Amazon, Bloomberg recently launched a new video flash briefing for the Echo Show device in July, which has doubled in audience-size since March.

Traffic to Bloomberg's OTT platforms grew +12% month over month from August to September, driven by Apple TV and Samsung TV viewership.

Go deeper

3 hours ago - World

Biden will move U.S. troops to Eastern Europe "in the near term"

President Biden boards Air Force One at Joint Base Andrews on Jan. 28. Photo: SAUL LOEB/AFP via Getty Images

President Biden said on Friday he plans to move U.S. troops to Eastern European and NATO countries “in the near term.”

Driving the news: “Not too many” U.S. troops, Biden added in remarks to reporters at Joint Base Andrew upon returning from a trip to Pennsylvania. 

Updated 3 hours ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.

Updated 6 hours ago - Politics & Policy

Swastikas found outside Union Station in D.C.

People walk through Union Station on Jan. 16 in Washington, D.C. Photo: Spencer Platt/Getty Images

Drawings of swastikas appeared etched around the entrance to Union Station in Washington, D.C., on Friday morning.

Driving the news: "An investigation is underway with Amtrak Police and the Metropolitan Police Department after swastikas were reported on the exterior of Washington Union Station on Friday," Amtrak spokesperson Kimberly Woods said in a statement to Axios.

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