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Another good note out from @MarcRuby, this time on Bloomberg.
My summary & thoughts below:https://netinterest.substack.com/p/disrupting-bloomberg …
Bloomberg is a behemoth in the $32 billion financial data industry. The company boasts: Over 300,000 users 33% industry market share $10.5 billion in annual revenue Many companies have tried to find success as the "Bloomberg Killer", but with no avail. Why?
The reason Bloomberg defends its position so well is its entrenched network effects. To customers, Bloomberg's terminal is a: -Chat service -Marketplace -News service -Analytics tool -Status symbol -Index provider -Social network -Data aggregator -Dopamine machine And more.
The competitive landscape is crowded at all levels. Large competitors include Refinitiv, ICE, FactSet, and S&P Cap IQ. Small competitors include Koyfin, Sentieo, Money . net, and Ycharts. Below is a good thread on others:https://twitter.com/patrick_oshag/status/1216103107370852353?s=20 …
In news, Twitter has become a serious free competitor to Bloomberg.
Accounts like @DeltaOne and @fxhedgers provide the same breaking news headlines as BBG, and much of the same BBG network is active on Twitter during the trading day.pic.twitter.com/zDqJdeO29P
A core functionality of Bloomberg is chat, and competitors like Symphony are gaining steam in the space. Symphony was formed in 2014 by - you guessed it - a consortium of banks to focus primarily on chat.pic.twitter.com/fRYTJVCHs6
The same tactic used by other companies to break into the industry was adopted by both Bloomberg and Symphony. In 1985, Bloomberg sold a 30% stake to its first big customer, Merrill Lynch. In 2019, Symphony sold ownership to Standard Chartered, Goldman Sachs, and other banks.
I really enjoyed @MarcRuby's work here - I suggest you give his newsletter a read & follow for future content:https://netinterest.substack.com/
Bloomberg is a luxury product but is a must have for our fund. Everyone is accustomed to it and we would rather slash a broker and keep Bloomberg rather than shift to Refinitiv/FactSet. Also the Bloomberg customer service is fantastic.
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