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Bloomberg

Bloomberg's New Economy Forum, going virtual this year for the first time, is on track to challenge the likes of the World Economic Forum, The Aspen Ideas Festival and others.

Why it matters: The forum will be the first major global convening of business and political leaders in the wake of the U.S. election. The World Economic Forum has been pushed until next summer.

Driving the news: The agenda for the four-day, live-streamed event, happening from November 16-19th, will focus on five core topic areas: finance, trade, climate, health and cities.

  • Its preliminary speaker line-up features participants like Michael Bloomberg, forum Honorary Chair Dr. Henry Kissinger, and Co-Chair Henry Paulson, Jr, as well as Christine Lagarde, Prime Minister Lee Hsien Loong and many others.
  • To make the forum possible, Bloomberg Media is partnering with several global think-tanks, including the International Institute for Strategic Studies (IISS) in Europe, and the Mandela Institute for Development Studies (MINDS) to bring the event live.
  • It will co-host the four-day forum with the China Center for International Economic Exchanges (CCIEE) who it hosted the event with in-person in 2019.

Between the lines: The New Economic Forum is different from other large-scale global events in that it was created during a globalized internet era, and after the Great Recession.

  • The global gathering is designed to create a community of business and government leaders across the East and West to address the global crises of the new economy.
  • The agenda is driven by issues and trends identified by Bloomberg Media's global newsroom of over 2,700 journalists.
  • China's ascendancy to a major world economic power is a major theme.

Be smart: The event is unprecedented both in size and scope for a media publisher.

  • Most large-scale events, like the World Economic Forum, are funded primarily through membership fees from the world's largest companies.
  • The NEF is funded through commercial partners and to-date it's been a commercial success.

Sources tell Axios that Bloomberg Media brought in over $30 million last year on the event and that NEF makes up for more than half of the company's total live events business.

  • While most U.S. publishers focus on U.S. events, Bloomberg Media has pushed to invest in the global events space.
  • Last year, the company’s global live event business had expanded to Europe, Asia, and the Middle East, with nearly half (45%) of its virtual event attendees come from regions outside the Americas.

The big picture: Bloomberg Media's strategy year-to-date has been to diversify its revenue into three main pillars: subscriptions, streaming and live events

  • The company says it has grown 13% in total revenue in the third quarter of this year.

Go deeper

Oct 27, 2020 - Politics & Policy

Bloomberg gives $20 million for down-ballot races focused on climate

Photo: Spencer Platt/Getty Images

Mike Bloomberg is ploughing an additional $20 million into this election cycle, flooding the airwaves in North Carolina, Texas and Arizona to promote down-ballot candidates who share his views on climate.

The big picture: Bloomberg's last-minute cash infusion comes on top of the $100 million he pledged last month to help Joe Biden win Florida.

2 hours ago - Health

Ipsos poll: COVID trick-or-treat

Data: Axios/Ipsos poll; Note ±3.3% margin of error for the total sample size; Chart: Andrew Witherspoon/Axios

About half of Americans are worried that trick-or-treating will spread coronavirus in their communities, according to this week's installment of the Axios/Ipsos Coronavirus Index.

Why it matters: This may seem like more evidence that the pandemic is curbing our nation's cherished pastimes. But a closer look reveals something more nuanced about Americans' increased acceptance for risk around activities in which they want to participate.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.