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Bloomberg will embrace social media - Twitter, specifically - as the platform of choice for its upcoming news product.
The project, first announced in May, is set to launch on December 18 with backing from founding partners TD Ameritrade, CA Technologies, AT&T, Goldman Sachs, Infiniti and CME Group. According to Axios, each partner has invested between $1.5 million and $3 million meaning Bloomberg has likely secured at least eight figures in revenue for its first year.
Bloomberg is reportedly looking to hire around 50 people to staff the offering.
The service is a direct bid to remain competitive in an era dominated by social media. Bloomberg Media CEO Justin Smith said that in this age of the Google / Facebook duopoly, a relentless focus on invention and innovation is the only way to succeed. The fruits of disruption don't and shouldn't only belong to the dominant tech platforms, he added.
Bloomberg's service will be Twitter's first 24-hour social news network.
Twitter isn't exactly the most popular social network around but it seems like a solid fit for an organized news network given its immediacy. There are already loads of journalists that utilize Twitter as a business tool but most do so simply as a way to build their personal brand or link to stories they've written for various publications.
The platform, if you recall, recently doubled the character limit of a standard tweet from 140 characters to 280 characters, no doubt a favorable move in the eyes of Bloomberg.
Bloomberg isn't the only outlet to experiment with news delivery via social media. NBC over the summer launched a twice-daily "Stay Tuned" news show on Snapchat. ESPN is also embracing Snapchat for a version of its popular SportsCenter program.