Prompt Cast
Bloomberg's Challenges in the Changing Media Landscape
TLDR Bloomberg, a highly profitable company known for its Terminals, is facing challenges in the changing media landscape, as social media and TV have made its 15-minute news delay less important. Reporters prioritize breaking news on high-profile companies, and the future of media tech companies may involve transitioning to a subscription model while maintaining network effects and customer trust.
Timestamped Summary
00:00
Pilot.com is a startup-focused accounting firm that handles all of a company's accounting, tax, and bookkeeping needs, allowing startups to focus on what makes their product better.
05:51
Bloomberg's core business is its Terminals, which are essential for traders on Wall Street and cost $25,000 a year per user, making it a highly profitable company.
12:12
Bloomberg's 15-minute delay in breaking news has become less important due to social media and TV, as the focus now is on being the first to report the news rather than the delay itself.
18:28
Bloomberg's standard for publishing a story is to have direct sources from both sides of a deal, and this is generally the standard across the industry.
24:00
Reporters can often determine the source of information in a news story based on the order of the bylines, but it's important to note that not all stories are the result of strategic leaks, and many are simply the result of reporters asking the right questions at the right time.
30:00
Reporters decide what stories to chase based on tips they receive from various sources, and prioritize breaking news on high-profile companies like Yahoo over smaller deals, with size and name recognition being important factors in determining which stories to pursue.
35:53
The main incentive for reporters at Bloomberg is to move markets and provide value to subscribers by breaking news on live deals, with only a small portion of time dedicated to other projects like oral histories of certain deals or analyzing the success of acquisitions.
41:37
The popularity of the podcast episodes on Acquired is driven by the storytelling aspect, with the most popular episodes being on Snapchat and LinkedIn, and the trend of messaging apps evolving into operating systems, particularly in Asia, may also become a reality in the US.
47:17
The future of media tech companies may involve transitioning to a subscription model, similar to traditional media companies with paywalls, but the challenge lies in maintaining network effects and not disincentivizing users.
53:30
The rise of social media has allowed reporters to break news faster and independently, potentially disrupting the need for traditional media infrastructure, but the challenge lies in building trust and maintaining a customer relationship.
59:52
Building relationships with reporters is important for entrepreneurs, but it's crucial to understand what each reporter's job entails and what kind of stories they cover in order to provide them with what they find meaningful and valuable.
01:05:47
Building relationships with reporters is important for entrepreneurs, but it's crucial to understand what each reporter's job entails and what kind of stories they cover in order to provide them with what they find meaningful and valuable.
01:12:07
Apple's denial of talks with McLaren may have been influenced by the negative impact the rumors had on Apple's stock, and Apple has a reputation for instilling fear in other companies and controlling the flow of information.
01:17:55
The host and guest discuss a book about applying computer science algorithms to everyday life, and then transition to a discussion about late night talk show hosts and their political leanings.
Categories:
Technology
Business
