Hundreds of millions of dollars – in some cases, billions – have been spent trying to create a ‘Bloomberg killer’. So far, no one’s come close to succeeding. But there’s a chink in Bloomberg’s armour. Except for 2009, in the throes of the financial crisis, for the first time since its founding in the early 80s, Bloomberg terminal sales declined last year.
To Money.net’s Morgan Downey, that’s Bloomberg’s ‘Blackberry moment’, the inflection point that shows that consumers are now able and willing to leave a legacy product. Downey should know – until relatively recently, he ran Bloomberg’s commodity division before stepping out to create his own Bloomberg competitor, Money.net.
Morgan joins us today on the Tearsheet podcast to discuss the market for financial data, Bloomberg’s strengths and weaknesses, and where he thinks the market for financial data is headed.
You can listen to more episodes of the Tearsheet Podcast, and other fintech shows, on the BankNXT podcast page. Enjoy!
READ NEXT: An open letter to bank shareholders
– This Tearsheet podcast is reproduced with kind permission. Some minor changes may have been made to the text to reflect BankNXT style considerations, but the podcast itself is always unchanged. Photo by gotvideo, Shutterstock.com