Major financial news outlet Bloomberg is reportedly developing a “24-hour social news network on Twitter” that’s reportedly going to be launched on the microblogging service next month. According to the reports, Bloomberg’s founding partners for this initiative include Goldman Sachs, TD Ameritrade, Infiniti, CA Technologies, AT&T, and CME Group. More partners are also said to be lined up.
The average partnership price point is said to be in the range of $1.5 million to $3 million. This will enable Bloomberg to secure eight figures in revenue in the social news network’s first year alone.
It’s going to hire around 50 people to work on this project. It will initially exist as the first 24 hour social news network on Twitter.
“In this age of the Google/Facebook duopoly, a relentless focus on invention and innovation is the only way to succeed,” Bloomberg Media CEO Justin Smith told Axios, adding that “The fruits of disruption don’t and shouldn’t only belong to the dominant tech (aka “Media”) platforms.”
Just how well Bloomberg is able to implement its vision of a 24 hour social news network on Twitter remains to be seen. No further details about it have been revealed at this point in time.
According to the report, the news network is going to be launched on Twitter come December 18th, 2017.