Bloomberg on track to break advertising record | Media
Bloomberg’s consumer arm expects to record its highest advertising revenue in history, with European sales surpassing global numbers.
Global advertising and events revenue grew 73%, including a 47% increase in “main advertising”. Digital advertising revenue grew 59%, TV advertising 30%, radio advertising 35%, and print advertising 28%.
The multimedia company increased its advertising revenue in Europe by 62% in the first half of 2021, driven by strong demand for digital advertising (up 79%), which is Bloomberg Media’s largest advertising revenue line. The company did not disclose actual revenue figures.
Bloomberg operates a news service (Bloomberg News), a global television network (Bloomberg Television), the Bloomberg Quicktake streaming service, events, websites, radio stations (Bloomberg Radio), newsletters and magazines on subscription only. It employs 20,000 people around the world.
The three fastest growing advertising categories are luxury goods, automobiles and financial services.
Bloomberg also increased its active subscriber base by 34% to more than 325,000 companies, with around 40% of subscribers outside the United States. He predicts that subscriptions could reach 400,000 by the end of the year.
Duncan Chater, head of European sales at Bloomberg Media, said advertising revenue in the region started to recover in the second half of 2020.
“Starting in the third quarter of 2020, we noticed that new business exceeded attrition by 3.5 times, which was really encouraging. We are seeing a lot of new clients coming into our portfolio, ”he said. “The other thing that we really noticed is that the average transaction size has increased dramatically, by 144%, so they spend a lot more with us on different platforms. “
Chater said another reason for the growth was interest around the United Nations Climate Change Conference (COP26) in Glasgow this year, a trend he recently wrote about in Campaign.
“Platforms like Bloomberg are really attractive to businesses when trying to convey their communication goal,” he said.
“Our audience wears many hats in the business world, whether they are business leaders, entrepreneurs, etc. “
In an internal email shared with CampaignBloomberg Media CEO Justin Smith said the company is on track to have the best year ever.
“The history of the first half of the year clearly shows that we are not only passing a difficult start of a pandemic in the second quarter of 2020, but also the first pre-pandemic quarter of last year, as well as our record earnings in 2019,” a writes Smith.
“Compared to 2019, our advertising revenue in the first half of the year increased by 30%. These figures set an important new record for Bloomberg Media’s global revenue. “