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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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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