Bloomberg beefing up reflects good things for financial industry
I've written about previously (here and here) about Bloomberg's expansion and eventual dominance of financial media from news to data and consumer. The WSJ reports today that indeed, Bloomberg is forecasting a respectable 10% growth rate for 2010 and plans to add an additional 1300 employees.
The revenue gains would come largely from a projected increase of 12,000 subscriptions to the Bloomberg Professional service, which provides data, analytics and news geared to financial-services professionals.
Bloomberg's revenue for last year was estimated at $6.25 billion, according to a person familiar with the matter. Based on that estimate, the new projections would push revenue to nearly $6.9 billion this year.Growth is good for Bloomberg and ostensibly, the media giant is seeing increased demand for its terminals from institutional investors -- a sign that things are picking up on Wall Street and Stamford, CT. With the recent acquisition of BusinessWeek and content sharing deals that land Bloomberg content on the WaPost and beyond, Bloomberg is turning up the manheat on Dow Jones. Be afraid, be very afraid.