![]() ![]() But he generally delivered, and he continually improved his product for the last 30 years,” said Douglas B. ![]() “When was building the company, he was a little bit like Elon Musk in that he might be bold or boisterous or arrogant in some ways about what he said about he products, he was always telling people it was the best. You’re not going to win the Super Bowl if you aren’t even playing in the right stadium. And because so many of the movers and shakers are already there, if you want to be the next big thing in finance, you want to be there, too. Subscriptions cost between $20,000 and $24,000 annually, and right now, there are more than 325,000 subscribers signed up.īasically, it’s still the place a lot of traders, analysts, and executives prefer to do their work. It still looks like it’s straight out of the ’80s - it’s got a black background, lots of neon text, early days computing-style block letters, and a funny-looking keyboard - and it isn’t the easiest system to navigate, but it’s established a grip on Wall Street that competitors haven’t really been able to shake. Today, the company does a lot of things - it deals in data, in technology, and in media - but it came to prominence because of the Bloomberg Terminal, a computer software system for the financial industry that basically puts all the relevant information, capabilities, and people in the same place. How he got there: a computer system most people have never heard of, let alone seen.īloomberg is the founder of Bloomberg LP, a private, multibillion-dollar firm he launched in 1981. And not just billionaire rich - he’s one of the richest people in the world, clocking in at more than $50 billion. Bloomberg may not have blinked, but the giant is sleeping with one eye open.Michael Bloomberg is very rich. More features are rolling out to more distributed platforms (like DealVector) that can provide an interactivity among players that is by its nature less “closed” than the Bloomberg terminal. Fintech is moving around legacy infrastructure like water, and the old players are forced to react. On the other hand, this concession would never have occurred in the old world where messaging technology had not evolved so quickly, and where financial institutions were not so open to cultural innovation. In some ways, the move is just a nod to reality in the same way that Bloomberg’s spreadsheet download features also acknowledged the need to interact with functionality in the outside universe. ![]() If the roll-out goes as planned, Bloomberg may end up experiencing further intensity of usage at its existing terminals, but not much opportunity cost. ![]() So the feature really is a blocker: designed to stymie further adoption of Symphony at back offices and smaller firms while avoiding cannibalization. Moreover, Enterprise IB is expected to advance penetration within firms that were highly unlikely to purchase additional terminals (smaller firms especially) at that price point. So the amortization of messaging costs is not so extreme as suggested above. In order to provide access to Enterprise IB for additional users, a firm must already pay for at least one terminal. Is it? Maybe for some old bond traders, but for everyone else, I don’t think so.”Īnother reading of the facts suggests the Enterprise IB announcement is not quite so momentous, though still a big deal. How big a deal is this concession by Bloomberg? Has the firm blinked and unbundled the terminal at last? If so, one commentator says they are valuing all the other services too highly: “ They’re betting the whole system without chat is worth $21,900 a year. Banks still seek solutions outside of Bloomberg. The challenge from Symphony suggests this may have been a reputational scandal from which it has not fully recovered. Bloomberg News had faced a scandal in 2013 when revelations emerged that Bloomberg had been mining bank customer messaging for news stories. Symphony’s crypto feature is touted as an advantage that allows banks to limit their exposure to information slippage. Did Bloomberg blink?īloomberg is reacting to moves by Symphony, a messaging service adopted by several dealing banks intended to challenge the dominance of Bloomberg instant messaging within the Bloomberg terminal. This week Bloomberg News announced that Bloomberg LP had unrolled a new product, Enterprise IB, that for the first time appears to unbundle a key messaging feature from the all-in-one Bloomberg terminal. ![]()
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