World

Twitter, Bloomberg team up for streaming news channel

WASHINGTON: Twitter is launching a 24-hour streaming news channel in partnership with Bloomberg Media, in a major expansion of the social media firm's video operations, the two firms announced on Monday.

The new streaming channel "will combine the vast global editorial and newsgathering capabilities of Bloomberg with the digital power of Twitter," a joint statement said.

Mr Michael Bloomberg, the founder of the financial news and information service and a former New York mayor, joined Twitter chief executive Jack Dorsey at a New York media conference to make the announcement.

The streaming channel, set to launch later this year, will include user-generated content from Twitter which will be verified by Bloomberg editors, along with live video reporting from journalists at the news organisation.

"Today's global news consumer wants and needs more than what's currently available," said Mr Justin Smith, CEO of Bloomberg Media, in a statement. "With this new network, we are setting out to reinvent the digital breaking news experience."

Mr Smith told The Wall Street Journal, which first reported the tie-up, that the new network would "be focused on the most important news for an intelligent audience around the globe and it's going to be broader in focus than our existing network."

Twitter chief operating officer Anthony Noto said in a statement: "Twitter's speed and vast global network of content and commentary combined with the high quality, editorial rigour of Bloomberg is a unique and powerful combination."

Financial details of the new venture were not disclosed.

Twitter shares jumped 6.4 per cent on the news to close at $17.53, the highest since February.

Its user base has been growing at a slower pace than its social media rivals'.

In its quarterly results last week, Twitter reported a drop in revenue despite boosting its monthly user base to 328 million, up 14 per cent from a year ago. - AFP

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