Why Bloomberg Media’s Smith is expanding QuickTake

Ken Doctor of Nieman Lab examined the business strategy of Bloomberg Media CEO Justin Smith, who has been expanding while other media companies have been contracting.

Here is an excerpt:

DOCTOR: So with the opportunity you see, you’re actually expanding in this recession?

SMITH: We are going to be launching Bloomberg QuickTake OTT — the streaming channel, global streaming channel — with, at the outset, 10 or 11 hours of streaming global video news content. That will complement existing social video content. We’re going to be moving towards around-the-clock streaming of very high quality independent, fact-based business and general interest video news.

Our internal editorial tagline or north star is “The world decrypted,” and we want Bloomberg QuickTake to be that for the next generation of business leaders and young influentials — that 20-something, that 30-something audience that’s effectively consuming their news and their video news on mobile, on social, and soon will be consuming it on OTT.

QuickTake was designed to be our sort of global video. Obviously, both eyeballs and ad dollars are shifting, globally, to social video spending and to OTT spending. The transition of ad dollars in America and around the world to OTT, over the next five years, is staggering. It’s like $150 billion or something.

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