Bloomberg Multimedia CEO eulogizes mobile phone news

Posted by Christie Silk on June 16, 2009 at 10:55 AM

The CEO of Bloomberg's Multimedia Group has outlined his vision for a 'global spanning news network', which prioritises the development of mobile news diffusion, placing a particular emphasis on the use of original video content. Andrew Lack, eight months into his position at Bloomberg, confirmed that his reputation for being 'an early digital adaptor' still applies as he spoke at last week's Advertising 2.0 event.

Lack expressed his belief that the mobile screen would become as significant as that of the PC and the television in the future of news diffusion. The venture is based on the conviction that readers will pay for and advertisers will be eager to associate with the news as presented on the mobile screen, more than they have been willing to do so with television and Internet forms.

Bloomberg's developers are working closely with journalists to gather videos and other footage to provide mobile news seekers with a truly visual information experience. Apparently, this is when the meeting of news and technology becomes 'fun' and provides a global, cutting edge service, which 'renders useless a lot of old infrastructure'. Recognising the need for an evolution of business models in line with the movement of technology has meant that Lack's team have been able to 'create a business model for content provision and not get hammered' like services have been on Internet. Lack used the ill-fated attempt of the New York Times to illustrate view.

The key to as successful business model, according to Lack, is the dynamism of a company's personnel; having the 'will and leadership to go out and get the money'. As business consultants and media developers ensconce their ideas for progress in financial and corporate technicalities, Lack's dismissal of 'abstract' concepts may come as a surprise to those waiting to hear Bloomberg's digital expansion strategy.

The convergence of technology and the news provision looks set to crystallise further into the direction of the mobile phone, as suggested by this latest endorsement by Bloomberg. Recent developments suggest that the mobile phone could prove as a significant rival to electronic platforms such as e-readers, as important publishers make agreements with mobile companies, notably the iPhone and develop their own applications for downloadable editions. Such partnerships are still relatively nascent, thus there are a variety of arrangements concerning payment and advertising, which in their early stages, serve to complicate but also diversify the opportunities for newspapers to augment their revenues.

Source: Advertising Age