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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