Twitter is reportedly partnering with financial news giant Bloomberg Media and will start streaming round-the-clock news this fall. The partnership will bring in much-needed revenue for the social media giant. Reports suggest that Twitter plans to add more content to battle the increasing amount of fake news on social media. While streaming news is not new to Twitter, there is one major difference this time around.
24 hours of news
Instead of just covering seasonal events, the social media network will stream news 24 hours a day, seven days a week, and is looking to break its record of 800 hours of broadcasted events in this year’s first quarter.
Bloomberg’s Twitter account won’t merely re-broadcast existing news; instead, it will be posting unique content from its offices around the world. Bloomberg CEO Justin Smith says its Twitter channel will be focusing on the most important news worldwide and will be much larger than their existing network.
Additional ad revenue for Twitter
Both parties did not disclose any details about their financial arrangement. While Twitter remains one of the most popular social media networks used by millions, unfortunately, the popularity doesn’t translate to revenue for the company. Twitter’s biggest source of income is from video ads, which is dominated by YouTube and Facebook. Thus, it is expected that Bloomberg’s Twitter channel will be ad-supported.
It is not yet clear how Twitter will inform its users that there is round-the-clock streaming video available. Perhaps the company might add a “live video” tab to its app and website. In addition, the partnership ignited speculation that it might lead to a deeper relationship between both parties and an acquisition of Twitter by Bloomberg is a possibility.
However, it’s hard to say if Bloomberg thinks it’s worth the $15 billion it needs to pay to acquire the social media giant.
Twitter CEO bought additional shares
Meanwhile, the social media’s stock jumped five percent after its CEO, Jack Dorsey, announced that he bought 574,000 shares of the company for $9.5 million on Friday. As of today, Dorsey has purchased a total of 1 million shares.
What do you think of the partnership between Twitter and Bloomberg Media?
