Jasper Jackson of The Guardian interviewed Bloomberg Media CEO Justin Smith, who argued that it will succeed where other media companies will fail because it is less reliant on social media platforms such as Facebook to draw an audience to its content.
Jackson writes, “While many publishers were suffering, Smith said Bloomberg was able to avoid falling into the same traps because despite generating most of its money from advertising, its audience of business people was not going to Facebook for information. The operation is also supported by a the far bigger division which sells market information terminals to the finance industry.
“He said: ‘We stand in a really unique position because we have this unique business model, we are integrated in our core business, we add value to our core business, and we are able to invest and able to expand and build something for the long term that’s of significant high quality. That is based around fundamentally counterintuitively based around building relationships with readers.’
“Bloomberg is in the midst of expanding its media operation with localised versions of Bloomberg.com.”
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