One of our mantras here at Piano is test and learn. We constantly encourage our clients to run experiments big and small — testing everything from creative messages to business models. So last week we were excited when Bloomberg rolled out their new website with a new digital subscription offering.
That product grew out of lessons the Bloomberg team learned from their Piano-powered paywall on Bloomberg BusinessWeek. As M. Scott Havens, global head of digital, told The Drum, Bloomberg has “the freedom to pursue a revenue model that aligns with our commitment to journalistic quality, which leads to a better product for our users. We will test, learn and iterate our model.”
The other notable element of Bloomberg’s new product is that it includes new features which are only available to subscribers — another important principle we talk about at Piano. It’s not enough to simply put a paywall in front of previously free content, though a metered paywall is part of the Bloomberg offer. Paying customers will have exclusive access to twice-daily newsletters, audio versions of articles, and live-streamed Bloomberg events, new offerings developed for the launch with the needs of their core customers in mind. They’re thinking about how to build for the long term.
“Over time, our goal is to strengthen the relationship with our audience and use what we learn to improve our content and our advertising offerings, as well as inform how we can deliver even better experiences,” noted editor-in-chief John Micklethwait and Bloomberg Media CEO Justin Smith in a memo to the company.
Congratulations to the Bloomberg team on their successful launch.