Why Bloomberg is moving into consulting

Hannah Murphy, Andrew Hill and Shannon Bond of the Financial Times write about why Bloomberg Media is getting into the consulting business.

Murphy, Hill and Bond write, “A new service launched this month, aimed at competing with management consultants and media agencies, already has five clients.

“The idea is that Bloomberg will use data from across its assets — including the eponymous terminals, its news service and specialist publisher Bloomberg New Energy Finance — to inform its advisory services.

“Services will include brand consulting, corporate communications and marketing strategy advice, among others.

“‘Our insights and our knowledge of the target audience that we service, business and financial decision makers, is unparalleled,’ Justin Smith, chief executive of Bloomberg Media, told the Financial Times. ‘The strategy we are implementing now is an attempt to find a new model of media.’

“The announcement comes as the company’s media arm seeks to diversify its revenues in the face of the growing challenge from the digital advertising duopoly of Google and Facebook, alongside an erosion of print advertising.”

Read more here.