Doctor said the moves are an acknowledgment that the long-promised concepts of “convergence” and “synergy” have finally arrived, as evidenced in part by the fact that online videos now actually play. “The maturity that we're seeing is that the technology is much easier to use, [videos] are cheaper to use. And they work—not just for businesses, but they work for consumers, too,” he said.
These are welcome developments, media buyers say. “Their portfolio of sites has expanded,” Ted Kohnen, VP-interactive marketing at Stein Rogan+Partners, said of Dow Jones. “There's SmartMoney, MarketWatch.com, AllThingsDigital and several other sites. The multiplatform offerings that Dow Jones offers to advertisers are really compelling. In fact, we've used them for several clients with great success.”
Bloomberg, for its part, is wading ever deeper into advertising-supported businesses. Bloomberg BusinessWeek rolled out an advertising campaign last week promising it will “reinvent the business magazine.” The ads feature copy such as: “Sure, we looked at what the competition is doing, then we did the opposite.”
Like Dow Jones, Bloomberg plans to leverage its large editorial staff to generate content for the publication that can be used in a variety of media. Carl Fischer, head of global marketing and communications for Bloomberg BusinessWeek, said that while other business publications are cutting back, the BusinessWeek brand will have more stories, more pages and a more global focus, thanks to Bloomberg's 145 bureaus in 70 countries.
“If anybody can make BusinessWeek work, it's them,” AdMedia's Alpert said.
Bloomberg is also jumping into the government sector, seemingly the only area of the economy posting consistent growth.
Kevin Sheekey is rejoining the company as chairman of this government-oriented division. He was most recently New York's deputy mayor for government affairs and previously worked at Bloomberg from 1997 to 2001. “Kevin will oversee a service that applies Bloomberg's unmatched capabilities in data gathering and analytics to a one-stop, integrated information source of government information. Bloomberg is ideally positioned to address the fragmented market for information about people, decisions and data in Washington that affect business,” Daniel Doctoroff, president of Bloomberg, said in a statement.
“This market will be something to watch, I can assure you of that,” said Bob Merry, who is advising Bloomberg in the development of its government unit. Merry is currently publisher of Stratfor Inc. and was formerly president of Congressional Quarterly. M