Bloomberg is launching a new entertainment-focused vertical called "Screentime," the company will announce on Tuesday.

Why it matters: Analysts expect that the global on-demand video market could reach around $100 billion in the next few years.

  • "It's an interesting time for Bloomberg to come in and capture this moment in the right way," says Crayton Harrison, managing editor of company's news coverage in the Americas. "We've reached a maturation phase in the industry."
  • "Our core mission is to chronicle capitalism, as our chief likes to say. There's going to be a lot of capitalism in this industry — more deals, more money changing hands, and we think we have new perspective to bring to this."

Details: Screentime will launch with several new products that will be anchored by Bloomberg talent across the U.S., Asia, and Europe, including:

  • A weekly entertainment newsletter, authored by media and entertainment reporter Lucas Shaw, that builds off of his current "Hollywood Torrent" newsletter.
  • A new "Pop Star Power Ranking," which lists the top 25 based on metrics from album sales to social media fandom.
  • A new integration across Bloomberg's Business of Sports podcast and Bloomberg's social channels.

Screentime's coverage will span four main pillars:

  1. Television and movies
  2. Music and podcasting
  3. eSports and video games
  4. Influencers

Between the lines: The company has launched a number of new verticals that are similarly structured to Screentime — like "Hyperdrive" for auto and mobility industry, and "Prognosis" for healthcare — to help wrangle its 2,700 person newsroom.

The bottom line: Bloomberg, like other media companies, says its experiencing record readership and engagement amid the coronavirus.

  • March 2020 set a traffic record for at 100 million monthly unique visitors.
  • It also hit record content users on the Bloomberg Terminal, its premium data and breaking news subscription portal.

Go deeper: Kids' daily screen time surges during coronavirus

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