Bloomberg Media’s Asian expansion path

Lucia Moses of Digiday writes about Bloomberg Media’s Asian expansion plans.

Moses writes, “The Asia site will be English-language and run by a Hong Kong-based team of five new hires led by Anjali Kapoor, formerly of Canada’s Globe and Mail, and supported by Bloomberg’s 500 reporters across 24 cities in Asia. That’s a lot for one site to cover, but the company said that given the interconnectedness of the region’s economy, a pan-Asian approach made sense.

“The Asia operation also will reflect recent staff streamlining efforts: After Mike Bloomberg returned to run the company he founded, separate news staffs for the terminal and Bloomberg’s media arm were merged.

“Bloomberg Media is part of the much larger Bloomberg LP, which makes its money from the sale of financial news and data delivered on its terminal service. In that sense, the Asia expansion serves two purposes: that of selling advertising to marketers wanting to reach its financial audience, and ultimately, serving the mother ship by helping it sell terminal subscriptions in the region as sales have slowed in recent years in its home market of the U.S.

“‘Asia is obviously the key growth market for the future, both for Bloomberg LP and Bloomberg Media, too,’ Bloomberg Media CEO Justin Smith told Digiday.”

Read more here.