British Press is going to get competition from Bloomberg
A new enterprise has been introduced by the executives on Wednesday evening, dated 11 May. The enterprise is expected to generate $100 million in annual revenue. Bloomberg, UK is a brand that is meant to compete directly with British business journalism staples like The Financial Times and The Sunday Times. The brand will soon introduce a website, a weekly Bloomberg Quicktake video series that will profile British newsmakers. It includes a podcast giving information about the city of London. Moreover, it also has a summit predicting the future of business in Britain this year.
Scott Havens, CEO of Bloomberg Media, said that Bloomberg has been in the British xmarket for three years, but this time they are introducing this new venture keeping in mind the underutilised audience. They are, in a way, getting into every group of people.
The brand already has 176 offices and around 2700 journalists and analysts working for them. They will use hundreds of journalists already working in Bloomberg’s London newsroom for this venture. The editor-in-chief of Bloomberg news said in an interview that they will be required to hire many more journalists for this venture. Bloomberg, having an editorial footprint, hopes that by creating regional pressures on promising markets they can generate good profit without setting up new hubs.
Emma Barnett, the BBC presenter, was recently hired by the company as the interviewer for this new venture, Quicktake series. Along with her, three other journalists are hired for the same. Mr Micklethwait said in a statement, “To some extent, we hide out of sight”. He further said “There are other people trying to break into the UK market, but we have one of the biggest newsrooms here in London.” Bloomberg Media has nearly 400,000 digital subscribers, four years after making the website paid.