In an attempt to diversify and expand twitter as tied up a deal with bloomberg for a 24/7 streaming television service.
Reports indicates that as per deal, Bloomberg will produce news programming specifically for twitter. The programming will include a mix of live news reported from Bloomberg’s global bureaus along with videos posted by verified Twitter usrs – streaming around the clock.
Bloomberg Media’s CEO, Justin Smith, In a statement, said that the service would “be focused on the most important news for an intelligent audience around the globe,” saying that it would be “broader in focus than our existing network.”
The channel which has not been named yet will start operation around September this year, according to a report in the Wall Street Journal. Over the past few quarters, Twitter’s user growth has stalled and the company has been trying to convince advertisers that it will strengthen its user base.
Twitter has updated its product offerings including live video broadcasts from its app and launched new features as part of itt efforts to attract users.The effort comes at a turbulent time for Twitter, which this past week reported a decline in revenue for the first time since going public. It has struggled to find a successful formula for converting its sizeable user base into a fast-growing ad business.
Video has been a bright spot for Twitter recently, accounting for the largest portion of its ad revenue in the first quarter.
According to an internal memo last October, Twitter CEO Jack Dorsey said that one of the company’s missions was defined as being the “people’s news network.”
In the course of the last year, Twitter has made a push into news and sports on mobile devices.
Twitter’s COO and CFO, Anthony Noto, said that the Bloomberg deal made Twitter a viable alternative for cord cutters.
Saying, “We really think we can reach audiences that are not paying for TV and are watching television on the go and we think Bloomberg is the perfect partner for us to start with.”
The terms of the deal have not been revealed so far. Twitter has previously worked with Bloomberg to stream 2016’s U.S. Presidential debates.
The deal could also help Twitter compete more with giants such as Google and Facebook, which already make a lot of money from video ads.The partnership will be announced Monday at an event Bloomberg LP is holding for advertisers by company founder Michael Bloomberg and Twitter CEO Jack Dorsey.