2. Bloomberg's New Economy Forum looks to take on Davos
Bloomberg's New Economy Forum, going virtual this year for the first time, is looking 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, 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 others.
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.
- 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.
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.
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