Bloomberg’s new built-for-Twitter 24-hour news network TicToc thrives on one important thing: facts.
Touted as the world’s first “social news network”, TicToc combines Twitter’s global reach and user-generated commentary with the pedigree of Bloomberg’s news-reporting expertise. John Micklethwait, Editor-in-Chief of Bloomberg News hopes that it achieves “for social media what CNN did for television: to put a network out that people can trust and can see, and in our case we already have all of these journalists for the terminal and the television going out there and checking if things are true. A lot of young people go to Twitter to look for news, but at the same time they have this huge question mark, is this true? They don’t believe it. So we can verify it.”
The pervasiveness of the ‘fake news ‘discussion is something that PR and corporate communications professionals must heed. We rub elbows with journalists daily, and without credible news sources, our sector would struggle to exist.
Bloomberg Media CEO Justin Smith remarked that “in an era when most viewers are choosing immediacy over quality in breaking news, traditional media hasn’t kept up.” However, there is one bright spot: subscriptions to national newspapers and magazines have grown popular with young adults. In the past year online payments for news in the US is up by 7 per cent — a “Trump bump”, according to an annual survey of global media trends by the Reuters Institute for the Study of Journalism. Young people are also driving sales of The Economist, The Wall Street Journal, The New York Times and The Washington Post, according to the papers’ representatives.
The picture in the UK is more muddled. The report found only 6 per cent of British adults paid for online news, one of the lowest rates in Europe, and surveys suggest that the under-35’s largely get their current affairs through television and social media.
In the Netherlands and Belgium, digital and print media had respective revenues of 27.5 million and 80.9 million euro. CEO of Sanoma, Susan Duinhoven believes that “there is an image that things are going poorly with print. But print is developing fine. There is a reduction in readers and they are on average older, but the market is still large and sufficient.” Print comes once a day, and cannot be edited or deleted from a feed. Qualities that are both appealing and frightening.
Micklethwait clarified that while TicToc appeals to a broader interest, Bloomberg maintains its focus on the financial markets and business. “But we think we can use the same army of journalists.”
We salute you, sir.