That "Woodward and Bernstein-esque" group of folks over at the NY Post business section are at it again. They have an article in the paper today "Terminal News" that states that Bloomberg LP has lost 4% of its subscribers to its terminals since November. Now for those of you who need a refresher course this is the company that the NYC mayor, Michael Bloomberg began all those years ago. It's made him a billionaire. Before that he was a mere mortal toiling away in the technology department at Salomon Brothers, where he was whacked (technical term), to Merrill Lynch, who let him build his company (and still own a piece of it).
See the bloomberg terminals are pretty much the lifeblood of a lot of Wall Street folks for analytics, news, instant messaging, trade tickets, etc. When there are less of them folk, there are less of them terminals. My guess is a 4% drop isn't where this stops. Yeah it's going to be higher soon. These terminals cost $1500-1800 a month PER unit to rent. That amount of money lost for Mr.Mayor and his merry men and women could be bigger than a bread basket (technical term). Now the article also says their revenues have increased in the last year and they are diversifying. Good for them. They probably need to like any good business. Even though you don't run the company any more Mayor Mike (ahem, sure), good luck to you! And anytime you want to give the MonkeyBusinessBlog a free trial just drop us a line at 867-5309. Ask for Jenny.