Steps Bloomberg has taken to develop new revenue streams
The company expects its revenue to grow by 3% in the current year. There are various strategies that have been employed by the company to help achieve the expected growth. According to Secunda Thomas, the overseer of Bloomberg’s financial products, the company has been presently looking for new revenue streams for trading and domestic management of risk programs for Wall Street firms.
The company to increase its revenues opts to increase its customer base. Bloomberg will hunt for new clients using web-based product targeting the law firms. The company executives are also eying sports arena, having interests on team owners and leagues to analyze sports statistics for them. The web-based product will also attract other potential customers and will allow for easy referral when a customer is satisfied. Bloomberg also plans to invest more money in news to generate extra revenue. The news industry is currently struggling heavily to stay afloat, and has not been concerned with growing financially in the recent past. The further investment will ensure the company stays afloat and boot its financial status for generating more profits
