Bloomberg Media CEO: We will add digital products, invest in print and radio
Bloomberg Media CEO Justin Smith has posted a strategic plan for our the financial media company plans to grow its business going forward.
Here is an excerpt:
The future of media and influence is digital and our first major step will be to align our efforts with this profound market shift.
The trend lines not only point to digital, but also towards further media fragmentation. Consumers are replacing “one size fits all” experiences with patchworks of deeper, more narrowly casted content environments that provide depth, context and community.
Today, we offer consumers two digital entry points in Bloomberg.com and Businessweek.com, but the differences between them are not as clear to consumers or advertisers as they could be. Bloomberg.com is a general business offering, but users rely on it primarily for its markets and finance content. Businessweek.com is a magazine companion site still searching for its digital rhythm. Our digital branding and product strategy needs to be clear and intentional. Consumers should have no doubt about the nature and value of our digital offerings.
Our strategy calls for building out a portfolio of new digital assets that better align our content offerings to global business audience segments. This realignment will help us go bolder and deeper, signaling to consumers outside of finance that Bloomberg has the media products for them, while providing advertisers with a more targeted way to reach their most important audiences.
Print will be complemented by critical extensions into digital, TV, and live events (as we did with Businessweek’s ‘The Year Ahead’). We will also expand our international footprint through more aggressive licensing efforts. Transforming our print publications into wholly multi-platform brands will propel them to their fullest potential.
Bloomberg Businessweek’s sensibility and range — witty, visual, forward-looking and global — will power our march into the larger global business audience across all platforms, while maintaining weekly print editions.
Bloomberg Markets will offer the same award-winning market insight and expertise, but the editorial focus will expand to a wider financial professional audience.
Bloomberg Pursuits is quickly becoming one of the premium global luxury magazines and a platform for luxury advertisers to market their products to a coveted audience. With its rapid success, we are going to increase print frequency and integrate Pursuits across platforms, including TV and events.
Ninety percent of Americans still listen to the radio — and news/talk/information is the consumers’ preferred format. We’ll continue to bring Bloomberg’s coverage to listeners in New York and Boston while broadening to reflect our new focus on the global business audience.
Read more here.