Bloomberg Media and Twitter have announced a partnership in which the microblogging platform will stream video news. This will include live news reports produced by Bloomberg bureaus that are based in different parts of the world. It will also include videos that have been curated by users of Twitter.
“In an era when most viewers are choosing immediacy over quality in breaking news, traditional media hasn’t kept up. With this new network, we are setting out to reinvent the digital breaking news experience,” Bloomberg Media’s chief executive officer, Justin Smith, said.
First to reveal
The partnership will further position Twitter as a prime destination for video. The chief executive officer of Twitter, Jack Dorsey, is on record as having said that he aims to position Twitter as the first place where everyone gets to find out about news developments that concern them.
Already in this year’s first quarter, the hours of video that have been streamed on Twitter has reached 800. This included over 450 events in which approximately 45 million viewers tuned in. In the previous quarter the number of hours that were streamed on Twitter was 600. Though Twitter reported a decline in revenues in the last quarterly results, ad revenue from videos emerged as a growing force.
Thursday Night Football
The development will also compensate for the loss of rights by Twitter to stream Thursday Night Football. This was after the rights were awarded to Amazon instead. Amazon paid $50 million for the rights while Twitter had paid $10 million last year. And unlike with the rights to Thursday Night Football, the partnership with Bloomberg Media will ensure Twitter gets exclusive rights to content.
The partnership will also be beneficial for Bloomberg Media as the firm will be able to build new audiences in an era when consumers of media content are cutting the cord and increasingly turning to online sources. A survey done recently shows that in around 29% of the population, the major source of news is social media.
Variety of video content
Besides the partnership with Bloomberg News, Twitter has also expanded or renewed agreements for video content with other organizations such as IMG Fashion, Ben Silverman’s Propagate, Professional Golfer’s Association, Live Nation, Buzzfeed, Women’s National Basketball Association, Viacom and the Major League Baseball. This will further enhance the video offerings on Twitter as a variety of content ranging from entertainment to news to concerts to live sports will now be available.