Categories: OLD Media Moves

Bloomberg’s Twitter network to produce eight figures in revenue in first year

Justin Smith

Bloomberg’s new Twitter network will launch on Dec. 18 with six founding partners, leading to Bloomberg securing eight figures in revenue in its first year, reports Sara Fischer of Axios.

Fischer writes, “Bloomberg is hiring around 50 people to staff the new project, which will exist as the first 24-hour social news network on Twitter.

“‘In this age of the Google/Facebook duopoly, a relentless focus on invention and innovation is the only way to succeed,’ says Bloomberg Media CEO Justin Smith. ‘The fruits of disruption don’t and shouldn’t only belong to the dominant tech (aka “Media”) platforms.’

“‘Massive growth opportunities are available to all, but they require companies and leaders aggressively committed to new thinking and new models,’ says Smith.

“Bloomberg Media’s digital advertising revenue has grown over 25% year to date, through Q3 and Q4 advertising bookings are pacing even stronger. The company just has its best-performing quarter ever, largely thanks to advertising sales revenue. Its Q3 total advertising revenue grew more than 5% year over year, driven by digital growth in custom content, video, audio, and programmatic.

“Bloomberg today offers 27 different ad tech products, which are developed in-house. The site’s current design is a product of in-house engineers pushing for a clean, scrolling user experience that mimicks the interactions a user would typically see on a tech platform. An in-house product called Javelin was built to cut page load time by 30-50%.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

Recent Posts

FT taps Foy to cover European banking

Financial Times reporter Simon Foy is now covering European banks. He has been covering accounting for the…

2 hours ago

Debtwire seeks a private credit reporter

Debtwire, the leading provider of global fixed income news, analysis and data for more than…

4 hours ago

BNN Bloomberg anchor Kanwar is departing

Amber Kanwar, an anchor for BNN Bloomberg in Canada, is departing at the end of…

5 hours ago

Moody’s promotes Kantrow to editor in chief

Moody's Ratings has promoted Yvette Kantrow to senior vice president and editor in chief. She has been…

5 hours ago

Politico reporter Fieseler departs

Politico reporter Clare Fieseler is leaving the news organization to take on some ocean reporting projects. She…

5 hours ago

WSJ’s Eisen to write book about the mortgage market

Wall Street Journal reporter Ben Eisen has signed a contract with Norton to write a book about…

7 hours ago