As more OTT devices come online, Bloomberg thinks it has a chance to stand out from the crowd. The publisher recently launched a new version of “Bloomberg TV+”—which makes programming available in HD and 4K to subscribers. Bloomberg intends to reach a broader audience in the coming months once it completes agreements with providers.
While other streaming services (like those that will soon be released from the likes of Disney and WarnerMedia), Bloomberg hopes its programming will stand out among viewers for its news and business-focused content.
Bloomberg.com launched a paywall last year, with a monthly subscription starting at $35 per month. The new Bloomberg TV+ also serves as a way to sweeten the deal for subscribers, said M. Scott Havens, global head of digital and media distribution at Bloomberg Media. Bloomberg hasn’t released subscriber figures, but Havens said it “wildly exceeded expectations.”
Since launching the enhanced Bloomberg TV+ earlier this month (in partnership with advertising partner Verizon that included pre and mid-roll ads) Bloomberg found that subscribers are watching Bloomberg TV+ between four to five hours per day on Bloomberg.com. In addition, several other shows are in production and the team hasn’t ruled out working with a third party on developing content.
The new offering is a good example of how publishers are weighing launching their own OTT channels or licensing their content IP to services that have already built up a following.
“If we deliver on that trust and brand promise, then people will seek us out. We have to be smart about where we put our content,” Havens said.
Bloomberg will also move more into original programming in the fall that is “more widely accessible for business executives,” taking into account what is already being watched online. The advantage over linear, Havens said, is that they can watch viewability more or less in real time and develop other programming based on what’s being consumed.
Bloomberg TV+ will also include business programming in evening primetime later this year.
“The ad dollars will shift from traditional to OTT, and we want to be at the other end and have the right products and engagement by the time that really starts to happen,” Havens said.