Another good note out from @MarcRuby, this time on Bloomberg.
My summary & thoughts below:https://netinterest.substack.com/p/disrupting-bloomberg …
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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?
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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.
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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 …
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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
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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
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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.
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I really enjoyed
@MarcRuby's work here - I suggest you give his newsletter a read & follow for future content:https://netinterest.substack.com/Show this thread
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