Bloomberg Media CEO Justin Smith appeared on the Digiday podcast with Brian Morrissey and discussed Bloomberg Media’s projected 15-20 percent revenue growth for the year.
Here is an excerpt:
The path to digitization.
“Bloomberg is one of the few, if not the only global media company in our space that operates across six different platforms, which are a combination of traditional media and new media platforms. It’s a critical differentiator. It’s a great way to surround the business and financial audience in the entirety of their media consumption. The original platforms we had, which are radio, television and print, are the platforms that are facing the decline that other platforms are not. Digital is our largest platform now. Since I’ve been at Bloomberg, our first step was to digitize the business and the second step was to really globalize the business.”
Create to diversify.
“Everyone has talked about diversification of revenue streams as the key to finding a sustainable business model — events, events, e-commerce. One of the greatest forms of revenue diversification is the creation of a new business that is in the jet stream of consumer behavior and consumer interest. It’s not cutting up your existing business into new revenue streams, it’s inventing a new, adjacent business that has a deep connection to the core business, that leverages your brand, talent, audiences and monetization abilities, but is actually a different business.”
Read more here.
