From Ad Age:
Justin Smith, CEO of Bloomberg Media Group, is slated to wrap up a 100-day review of the company in the coming weeks, when he is expected to offer recommendations on the future of the global media conglomerate's TV division and digital and print operations, including Bloomberg Businessweek.
His evaluation comes as parent company Bloomberg has seen a "softening" in the growth of its terminal sales worldwide. Bloomberg TV is reportedly losing roughly $100 million annually, with Businessweek draining close to $30 million. (Bloomberg was also expecting record revenues in 2013, according to Fortune magazine.)
Amid these losses, Bloomberg poached Mr. Smith from Atlantic Media last July (his first day was Sept. 18). At Atlantic Media, publisher of the more than 150-year-old Atlantic magazine, he helped swiftly reshape the company into a formidable player in the digital space.
Tackling Bloomberg News, a vast company of roughly 2,000 employees, is a far broader and likely more challenging task. Barely four months into his new job, Mr. Smith has already begun placing his stamp, assigning Businessweek editor Josh Tyrangiel to lead its TV division (while overseeing the magazine as well). He has also placed a renewed emphasis on Bloomberg's digital video efforts, which attracted 34.7 million video views in the U.S. in December, a four-fold increase over the previous year, according to ComScore. Globally, Bloomberg ranks first in the business/finance category for video views and fourth for unique visitors, according to ComScore.
The company -- which fetches video ad rates of $75 to more than $100 per thousand viewers, a spokeswoman said -- publishes about 200 videos daily across its global sites. Many stem from Bloomberg TV, while others are produced by Bloomberg's digital video desk, which was established prior to Mr. Smith joining the company. Mr. Tyrangiel now manages the roughly 20 people on this desk. There's a similar operation in London and soon one in Hong Kong.
Ad Age spoke with Mr. Smith last week about digital video, as well as the future of Bloomberg TV, the losses at Businessweek, Michael Bloomberg's return and whether the company plans to buy the Financial Times. Our conversation has been lightly edited.
Advertising Age: Why should brands care about Bloomberg?
Justin Smith: The audience our content has and continues to attract across the whole world and across multiple platforms: digital, TV, radio, live events, magazines. Bloomberg is a media company that is expanding and that is seeking out opportunities for growth and for further expansion and further engagement with a global business audience at a time when a lot of traditional media is contracting and pulling back from their markets because of the pressure that's facing their media-only business model. That creates a great opportunity for Bloomberg Media because we're a broader business information company and have a broader business model....MUCH MORE
