26 February 2018
Visit www.capgemini.com/worldreports

Bloomberg unbundles chat to take on Symphony

05 October 2017  |  7362 views  |  1 stock exchange monitor 1

Bloomberg is reportedly unbundling chat services from its desktop terminal subscriptions, instead charging clients a flat $10 a month per user in an effort to combat the threat posed by messaging rival Symphony.

Symphony was created by some of Wall Street's biggest banks in response to a snooping scandal at Bloomberg back in 2013. The $20-a-month rival messaging service has since amassed over 200,000 subscribers in an effort to become the de facto social network for trader communications.

The Financial Times reports that Bloomberg is now fighting back, with plans to roll out a cut-price intra-firm chat-only package, Enterprise IB, available to any firm with at least one Bloomberg Professional terminal installed.

Bloomberg had previously offered chat as a value added part of its expensive proprietary desktop package, which has seen a drop in use as banks cut back on financial data costs.

According to figures from analysts Burton-Taylor, Bloomberg last year saw its terminal user base shrink for only the second time in its 36-year history.

Bloomberg accounted for 33.40% of market share as a result of growth in its data feed and other non-terminal business. At the same time, terminal counts shrank by 3,145 for only the second time in company history.

Users typically pay an annual fee of between $20,000-$25,000 for the privilege of running a single proprietary Bloomberg machine, with the terminal subscriber base standing at 325,000 in October 2016.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 06 October, 2017, 16:16

LOL the mother of all fintechs is feeling threatened by banks now!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas leads $63m funding round for Wall Street messaging outfit Symphony

BNP Paribas leads $63m funding round for Wall Street messaging outfit Symphony

16 May 2017  |  6000 views  |  0 comments | 3 tweets | 6 linkedin
Bloomberg terminal base shrinks in 2016

Bloomberg terminal base shrinks in 2016

28 March 2017  |  14688 views  |  0 comments | 15 tweets | 15 linkedin
JPMorgan looks to save millions from Bloomberg switch

JPMorgan looks to save millions from Bloomberg switch

12 January 2016  |  15618 views  |  0 comments | 16 tweets | 29 linkedin
Symphony strikes a chord with Google Alphabet

Symphony strikes a chord with Google Alphabet

06 October 2015  |  4798 views  |  0 comments | 5 tweets | 3 linkedin
Banks launch IM service to rival Bloomberg

Banks launch IM service to rival Bloomberg

21 July 2015  |  7101 views  |  1 comments | 14 tweets | 8 linkedin
Symphony acquires technology assets of Markit chat unit

Symphony acquires technology assets of Markit chat unit

02 December 2014  |  6762 views  |  0 comments | 1 tweets | 1 linkedin
Wall Street banks turn to messaging startup as Bloomberg alternative

Wall Street banks turn to messaging startup as Bloomberg alternative

04 August 2014  |  15054 views  |  0 comments | 10 tweets | 5 linkedin
Bloomberg bids to ease clients' chat room concerns

Bloomberg bids to ease clients' chat room concerns

18 December 2013  |  4218 views  |  0 comments | 4 tweets | 7 linkedin
Banks and Thomson Reuters join Markit messaging network

Banks and Thomson Reuters join Markit messaging network

07 October 2013  |  6646 views  |  0 comments | 3 tweets | 3 linkedin
Bloomberg vows to increase oversight in wake of client data privacy probe

Bloomberg vows to increase oversight in wake of client data privacy probe

22 August 2013  |  5383 views  |  1 comments | 2 tweets
JPMorgan Chase demands access to Bloomberg logs

JPMorgan Chase demands access to Bloomberg logs

16 May 2013  |  7228 views  |  0 comments | 6 tweets
Bloomberg damaged by new data leak

Bloomberg damaged by new data leak

14 May 2013  |  7772 views  |  0 comments | 15 tweets | 6 linkedin
Bloomberg admits reporters used terminals to snoop on clients

Bloomberg admits reporters used terminals to snoop on clients

13 May 2013  |  6082 views  |  1 comments | 9 tweets | 1 linkedin

Related company news

 

Related company information

Bloomberg

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsvisit www.ebaday.comRegister for the webinar

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12856 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10968 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
9531 views comments | 15 tweets | 27 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8882 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
8818 views comments | 11 tweets | 14 linkedin

Featured job

Find your next job