“We’re in the top of the first inning in this OTT revolution,” Smith added. News “is still a very, very large market so that’s a really interesting opportunity for us commercially and to grow our brand to younger, next-generation audiences.” “Existing global news providers still tend to be in the legacy, traditional media space,” he said. The business strategy for QuickTake remains the same as with the original TicToc launch, Bloomberg Media CEO Justin Smith said, but now the company is pooling resources to expand the reach among digital-native news consumers. TicToc currently delivers 90 million monthly global views across social platforms and other destinations, with an audience that is 54% U.S. In year two, it expanded to other platforms including Instagram, Facebook, YouTube, Amazon Echo, the web (at ) and airport TV screens. security threat.īloomberg’s TicToc initially launched exclusively on Twitter. politicians have sounded alarms over potential data privacy and censorship issues given TikTok’s Chinese ownership, and the company is the target of a regulatory probe into whether it represents a U.S. It’s now among the most popular social apps in the world, having been installed over 1.5 billion times, per research firm Sensor Tower. ByteDance, after acquiring short-form video app startup Musical.ly in a $1 billion deal, migrated Musical.ly users to its existing TikTok app in the summer of 2018. Less than a year later, TikTok burst onto the scene. TicToc by Bloomberg debuted in December 2017, billed as a reimagining of the 24-hour news channel with bite-size video dispatches. The service’s handle will be on Twitter, Facebook and Instagram, while TicToc’s existing YouTube channel will cut over to the new name. QuickTake, like TicToc, will comprise original content that taps into Bloomberg’s newsroom staff of 2,700 journalists in 120 countries, “which we see as our true competitive advantage,” Cowgill said. In addition to live coverage, the streaming channel will include longer-form news features and mini-documentaries. It will still produce and distribute on-demand programming across multiple platforms and publish a daily newsletter. In the first half of 2020, Bloomberg plans to launch QuickTake as a 24-hour linear streaming news channel available on OTT platforms. 3, replacing it with the relatively anodyne QuickTake. Amazon has since taken over Thursday Night Football game streaming.Bloomberg is retiring the TicToc name effective Dec. Twitter had a similar deal with the NFL to stream 10 Thursday Night Football games. In 2016, Twitter live streamed Bloomberg Television’s broadcast of the presidential debates. Twitter and Bloomberg have worked together on live video in the past. In May, Twitter announced video-streaming deals with a dozen partners, including the WNBA, Major League Baseball, BuzzFeed, financial news start-up Cheddar, IMG Fashion and concert giant Live Nation. However, Pachter said, live video channels could become lucrative for Twitter if the company figures out how to target several types of users. And because TicToc’s videos are for a general audience, the channel will have plenty of competition for advertisers’ attention. That’s because it’s delivering news on a platform on which attention spans are already incredibly short, making it difficult for advertisers to capture consumers’ eyes, he said. Right now, TicToc is supported partly by sponsors including Goldman Sachs and Infiniti, but making TicToc profitable in the long term might be difficult, said Gabriel Kahn, a journalism professor at USC. “I would be shocked if even a million have watched Bloomberg Television,” he said. It’s likely that only those who already are interested in Bloomberg - white, middle-aged men, typically - will make the effort to search for TicToc, Pachter said. Twitter’s ad revenue has increased since 2014 but declined 8% last quarter compared with a year earlier.Īlthough many people go to Twitter primarily for news, they aren’t accustomed to looking for a live stream news service on Twitter. And although its number of monthly users rose 4% last quarter, its growth has been slowing since 2016, said Aaron Kessler, an analyst at Raymond James & Associates. Twitter has never turned an annual profit. and Bloomberg have not commented about the financial details of the partnership, but Pachter said it’s likely that Bloomberg will take about 70% of its videos’ ad revenue and that Twitter would get the remaining funds, as well as a minimum guarantee from Bloomberg.
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