Bloomberg continues to thrive, annual revenue hits $11.6 billion

Bloomberg LP, the parent of Bloomberg News, continues to thrive despite efforts by competitors to produce an alternative, writes Robin Wigglesworth of the Financial Times.

Wigglesworth writes, “The hunt for a ‘Bloomberg Killer’ has been ongoing ever since Mike Bloomberg’s clunky but crack-addictive terminal first took over the financial data world. It seems no one is getting any closer.

“The latest data from Burton-Taylor highlights what a wildly profitable and surprisingly resilient behemoth Bloomberg is. In the industry that sells financial data and analysis to banks and investment managers, it remains the orange-tinted champ.

“Despite a cavalcade of upstarts and industry giants that have attempted to undercut it over the years, the company’s market share remains seemingly rock-solid at about a third of the now $35.6bn annual spend on financial data and analytics (up 7.4 per cent from 2020). It has remained at about a third for aeons.

“Although sales of its idiosyncratic, expensive terminals have stagnated — large parts of the financial world are under pressure to cut costs — Bloomberg was still able to increase revenues by 5.2 per cent to $11.6bn last year, according to Burton-Taylor.”

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