Jul 31, 2018

Scoop: Yahoo Finance launching live video streaming network this year

Photo by Cindy Ord/Getty Images for Yahoo

Yahoo Finance is launching a full-day live video streaming network by the end of the year, three sources familiar with the plans tell Axios.

Why it matters: It’s the latest example of a digital-native news outlet getting into streaming news to capture more audience attention on mobile and to compete for television dollars.

The network will include 8-hours of live market and global financial news updates, which would make it a rival to the new digital streaming business network Cheddar and to an extent, CNBC, Fox Business and Bloomberg.

  • Sources say the company is in active discussion with OTT providers and bundles about getting the content on platforms other than its O&O channels.

Beginning in August, Yahoo Finance will begin to increase its roughly 1.5 hours - 2.5 hours of live programming a day to reach 8-hours of live, bell-to-bell coverage by the end of the year. 

  • The coverage will include Yahoo's Finance's three daily live shows – Market Movers, Midday Movers and The Final Round — as well as other content it's been testing on social media, such as Morning Meeting, its morning show that airs on Facebook.

Sources say Oath CEO Tim Armstrong and Joanna Lambert, GM of Finance & Tech, are the driving forces behind the expansion, which has been in the works for a long time. Andy Serwer, Editor in Chief of Yahoo Finance, will continue to oversee editorial direction and content.

"As a digitally native platform, innovation is in our DNA. Our unique video capabilities, combined with unrivaled access to financial data, editorial content and investing tools, truly differentiate Yahoo Finance from anyone else in the industry. We’re continuing to push the boundaries by pioneering new formats that will reach audiences across all platforms and channels.”
— Joanna Lambert, General Manager of Finance & Tech at Oath

The company is already staffing up big for the push, according to one source, and is going after editors, producers, and on-air reporters across the industry. Yahoo Finance has already begun posting jobs for on-air reporters to “to communicate ON AIR to a broad consumer audience.”

There is a possibility that the content could eventually be accessed through a linear distribution deal with Verizon Fios, a fiber-optic cable operated television, internet and phone service that has roughly 5 million customers in the U.S.

  • Market Movers is already available on FiOS1.

The move is not totally surprising given Yahoo's existing investment in live digital programming, but a Fios partnership would be notable, given Verizon CEO Lowell C. McAdam’s continual rejection of rumors about Verizon moving into linear TV programming.

“We made our bet several years ago before we bought AOL and Yahoo and combined them together to do Oath that we weren’t going to be investing in the linear TV model ... I’ve said this a couple of times, I think the linear model is dead, it’s just going to take a long time to die.”
— McAdams at a conference in March

Go deeper

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Countries where novel coronavirus cases are falling may be hit with a "second peak" if they relax restrictions too soon, World Health Organization emergencies chief Mike Ryan warned during a briefing Monday. "We're still very much in a phase where the disease is actually on the way up," he added.

By the numbers: Almost 5.5 million people have tested positive for the virus as of Monday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.6 million tests). The U.K. is reporting over 36,900 deaths from the coronavirus — the most fatalities outside the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,498,849 — Total deaths: 346,306 — Total recoveries — 2,233,180Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,662,768 — Total deaths: 98,223 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 2 hours ago - Politics & Policy

LATAM Airlines files for U.S. chapter 11 bankruptcy

A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: Latam is Latin America's largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement the coronavirus pandemic has had a huge impact on the airline industry.