Bloomberg Media expands its marketing business
Bloomberg Media is launching a business-to-business marketing services group to be led by new hire Steven Feuling, reports Alexandra Bruell of The Wall Street Journal.
Bruell writes, “The move is an example of parent company Bloomberg LP’s ongoing hunt for revenue beyond the core terminal sales business, which provides financial news and data analytics to subscribers. For its part, Bloomberg Media—which includes the TV network, digital properties, magazine and radio stations—is trying to diversify beyond media sales and join the droves of media companies like CNN, Condé Nast and iHeartMedia that are also building out content studios and marketing services.
“‘We can package together a suite of services that either solely supports a client as a marketing services division, or bolt on to an agency and help them prove the capability,’ said Jacki Kelley, chief operating officer for Bloomberg Media. The b-to-b offering is a ‘diversification of revenue,’ as well as an opportunity to fill ‘a gap in the industry to service b-to-b clients,’ she said.
“Bloomberg Media has been creating content for brands for years, even before the formal launch of Kinection, she said. The company also has dabbled in marketing services for b-to-b clients.
“For example, client Cisco sponsored a video series, called ‘Big Problems. Big Thinkers,’ that Bloomberg created to examine the biggest threats facing society. Kinection, which is made up of about 50 people, created custom animated vignettes showing how the company’s technology helps businesses, cities and people tackle some of the world’s greatest problems.”
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