Lucia Moses of Adweek writes Monday about Reuters and Bloomberg and their explosive growth in the past few years.
“News is actually a relatively small factor in the bottom line of both Bloomberg and Reuters. While there are key differences between the two companies — Bloomberg is private and has only been in the news business for a couple of decades, while Thomson Reuters is public and has a news operation dating back to the mid-1800s — both have financial services at their center. News is a core part of their offerings, but it is their subscription-based businesses and financial intelligence that contribute the bulk of their revenue — 82 percent for Bloomberg, 90 percent for Reuters. Apart from financial services, Reuters has its subscription-based legal and tax and accounting units. For its part, Bloomberg has been expanding into new businesses, including Bloomberg Law and Bloomberg Government.
“With their outsized role in the news ecosystem, the companies also raise some thorny questions about the future of journalism. On the one hand, their deep pockets subsidize content that might not otherwise see the light of day. Bloomberg, for example, will lose an estimated $20 million this year on the magazine Bloomberg Businessweek. And the global presence of both Bloomberg and Reuters is formidable, as other news outlets have been forced to gut or shutter their overseas operations.”
Read more here.
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