Sublime

Yet in the US$32 billion industry for financial data, Bloomberg is the dominant player, with a third of the market. Its position has become even more entrenched over the past ten years, as those around it have lost market share.

Bloomberg fits the Christensen incumbent model not just because it exceeds the needs of some customers but also because it ignores the needs of others.

Symphony’s challenge currently is squeezing revenue out of its customers. It overtook Bloomberg’s 332,000 user count in 2018. But it charges US$24,000 for up to 100 seats, rather than the US$24,000 Bloomberg charges for one. Also, its network tends to be more internal than Bloomberg’s, with as many banks on it but fewer of their clients. Last year ... See more

In data and analytics, Bloomberg is being challenged by a raft of start-ups. Some of them target smaller investors like me who baulk at paying Bloomberg’s US$24,000 subscription fee. Others target bigger customers who want to go deeper into more specialised data than Bloomberg supports. I use two alternatives—Koyfin and Sentieo.

In 2020, Harvard Business Publishing brought in $262 million in revenue, flat from the year prior. Though disappointing in isolation, that unglamorous performance looks much better when compared to the beatings many other media outlets suffered during the coronavirus lockdown. Over a five year period, revenue grew at a 3.8% CAGR.