Did you know, that Bloomberg TV isn’t actually in the TV business?
Bloomberg makes all its money ($10B year) selling a software license?
Bloomberg TV is in fact a marketing platform to attract customers interested in what they really sell: the #1 financial software used by every major stock trader on WallStreet.
Long before billionaire and former Mayor of NY, Michael Bloomberg, became a presidential candidate, he was once the general partner at an investment bank called Salomon Brothers. Where he was heading IT development.
In 1981, at the age of 39, he took his $10 million severance package and started a company called Innovative Market Systems, that later become known as Bloomberg LP as we recognize them today.
Bloomberg is Actually a Software Company:
Michael Bloomberg originally developed and built a computerized system to provide real-time market data, financial calculations, and other financial analytics to Wallstreet firms. The Market Master terminal, later called the Bloomberg Terminal, was released to market in December 1982 selling just 20 units.
Overtime, in order to capture the attention and build a loyal audience of financial traders online, they created a media network that became so effective it now consists of a wire service (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.
The company now has 167 locations and nearly 20,000 employees. By operating first as a media network to attract the buyers they wanted to sell to.
How Did Bloomberg Created a Massive Audience:
1. They Created Content That Attracted the Audience They Wanted to Attract
They launched a 24-hour financial television news network that entered into cable broadcasting in 2000 to offer 24-hour programming aired to 200 million households.
2. They Focus on What Their Audience Wants
Bloomberg is regularly criticized in the press for not being a profitable news organization.
But what their critics don’t realize, is that Bloomberg media wasn’t necessarily meant to be profitable. (Not when the company’s main source of revenue is the Bloomberg Terminal subscription). Their news media is just a beautiful way to attract an audience generated for the terminal clients.
3. Bloomberg Stepped into Media Landscape
Bloomberg TV gets the company name out there, cements the brand and reputation.
4. They Up-sold Their List
Bloomberg captured his audience and converted 320,000 paying customers around the world at a subscription fee of $24,000/year to access their terminal software.
That’s $7.6B in annual revenue on their terminal product alone. Which is pretty impressive given they only made 20 sales their first year in business.
Bloomberg Marketing Summary:
By focusing on creating a network, Michael Bloomberg built a very significant brand (not to mention $59B net worth making him 8th on the Forbe’s list of richest people).
Michael Bloomberg didn’t just advertise on media networks. He f-ing built one!
So can you. You have access to all of the same broadcast tools. I can prove it.
Want to Build an Audience to Sell to Like Bloomberg?
In order to stand out in today’s cut-throat digital economy, you’re going to need to find ways to make your brand stand out where the traffic is.
You’re going to need to operate as a media brand and create content to attract an audience to sell to (just like Bloomberg did).
Want to learn the strategy to operate as a media company? We created a comprehensive overview, where I can teach you how to operate your business as a media brand in 32 pages.
Learn how to compete in a market place of content. Click the link below.
For more information visit tylerhayzlett.com