Location: New York
Title: Global head of Bloomberg.com
Big move: Former Yahoo executive prepares Bloomberg.com for a consumer makeover.
Core responsibilities: Krim will oversee research, development and delivery of online products as the site goes after new audiences.
Kevin Krim is preparing to change the face of Bloomberg.com. The former Yahoo executive has taken the helm of the Web division as Bloomberg continues to develop the company's reach beyond a core audience of professionals who rely on its trademarked terminals for news, raw data and other resources.
He will oversee a relaunch of the site that will play a central role in the push to further augment the company's professional products and services with content tailored for consumers, he said. He declined to discuss a time line for the relaunch.
“The overall strategy here at Bloomberg is to leverage the potential that we have in assets developed primarily for the Bloomberg terminal business,” Krim said. “We view this as an opportunity to go after new audiences.”
The site will draw on content produced by the company's news division and will be integrated with other Bloomberg products, including television and mobile applications, he said. Content will be targeted to a consumer audience, but will be of interest to professionals as well.
Specific site features have not been finalized, said Krim, who was the general manager of the social networking and blogging site LiveJournal.com before becoming VP-product and strategy for Yahoo HotJobs and Yahoo Small Business.
“We see the Web site as the key hub of a lot of the consumer activities,” Krim said.
His primary tasks since joining the company in April have been to define target audiences and identify the types of Web products that would fit the interests of those audiences.
“I inherited some quantitative market research, and we're doing more,” he said. “We'll also be doing some qualitative research. We'll be talking to prototypical users, and then we'll get into designs and do user tests of various designs we're thinking about.”
While he had not yet pinned down the site's target audience, he said he expects the potential marketplace to be larger than the market for the terminal business that is the company's bread and butter.
“We serve about 300,000 professionals with our terminal business,” he said. “We believe there are tens of millions around the globe who are very interested in financial news and information but are not actively professional in that business and so would therefore never have reason to use the Bloomberg professional services.”
Tapping new audiences will require not only new Web content and products but also increased reach and efficiency. The company, which already operates a Web site in Japan, will look at broadening its online presence in global markets, he said. He declined to specify any prospects.
“We've installed some more modern hardware to begin with,” he said. “We're looking at utilizing content delivery networks to get our content closer to audiences around the world. And then we're streamlining the code on the site so it runs as efficiently as possible.”
The goal is to boost online traffic and increase Web-generated revenue, strengthening the site's contributions to the Bloomberg brand. The company has not chosen the revenue model for the site and is approaching the task with an open mind and an eye on models other media companies are developing, he said.
Bloomberg.com currently draws 5 million unique viewers and 500 million monthly page views, according to data compiled by Nielsen//NetRatings. Krim expects that to change.
“We have ambitious plans to grow [the Web business] significantly,” he said. “The possibilities are pretty wide open, but we have to choose what we think will do well.”