Michael Bloomberg and Twitter CEO Jack Dorsey announced today that they are partnering to bring a 24/7 streaming news service to Twitter later this year, something that will likely be to the benefit of both companies Twitter in bolstering video ad revenue, and Bloomberg in widening its reach. As the Wall Street Journal reports via an event Monday hosted by Bloomberg LP, the channel "won’t simply rebroadcast footage from Bloomberg’s existing television operation, but will be made up of live news reporting from the news outlet’s bureaus around the world, as well as a curated and verified mix of video posted on Twitter by the social-media platform’s users."
Axios reports that Twitter is keen to capitalize on what it's already seen in terms of an uptick in ad revenue from live video, and this will be a boon for Bloomberg as well, broadening its content beyond the financial news that is the primary focus of its existing TV network. This is also what's known as a "second-screen" opportunity for getting users attention when they are flipping through apps on their phone while watching TV.
The new channel does not yet have a name, and the financial aspects of the deal have not been revealed.
This will be the first time Twitter has launched a continuous video feed on its platform. And, per the Journal, the company "broadcast 800 hours of programming in the first quarter of 2017, up from 600 hours in the fourth quarter last year." Twitter previously partnered with Bloomberg to broadcast the presidential debates.
Anthony Noto, Twitter’s chief financial and operating officer, suggests to the Journal that this is just the first of what could be many such partnerships. "We really think we can reach audiences that are not paying for TV and are watching television on the go and we think Bloomberg is the perfect partner for us to start with," Noto says.
The channel is expected to launch in the fall.