Bloomberg is not focused on just profits: Andrew Lack
Bloomberg seeks much more than profits, says the CEO of Bloomberg Media Group, adding that focus is on providing a level of qualitative content
Known for his extraordinary accomplishments at NBC, CBS News and Sony Corporation, Andrew Lack joined Bloomberg Media Group in the year 2008. The tough economic conditions have not spared the media organisation as it continues to be in the red despite having 310,000 subscribers around the globe. Lack, Chief Executive Officer, Bloomberg Media Group admits that barring Bloomberg Terminal, the rest of Bloomberg Media Group is not making profits. “No, we are not making profits, but we will soon. Bloomberg seeks much more than profits at this stage. Our focus is on providing a level of qualitative content,” he maintained. And in order to reach out to a wider range of audience, especially in the Asia region, Bloomberg has entered into several joint ventures with local partners.
In India, the network has partnered with Reliance for Bloomberg TV India. Likewise in Indonesia, the network has a partnership with Idea Group, a Jakarta-based media and strategic communication holding company, for Bloomberg TV Indonesia which will be launched this year. Explaining the reason behind this strategic alliance, Lack said, “Asia is huge for us. Producing news for this region is very viable for us as it empowers us to create a level of content. There are big stories in these regions waiting to be told, but you need local partners to do that.”
In the year 2009, business magazine Businessweek was acquired by Bloomberg. In an age where people have started believing that print media isn’t going anywhere, Lack still has confidence in magazines. He maintained, “Advertisers like print, magazines, etc., which they can turn and see elegantly to place their ads. This is an environment which is the most appealing for them.” Justifying the acquisition, Lack said, “It gave us a chance to reinvent the magazine. Bloomberg is known for financial markets and news, whereas Businessweek is more about companies and the people who run them.”
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