February 23, 2012
Crain's New York Business
Bloomberg LP beats Thomson Reuters
Bloomberg's market share in 2011 pulled just ahead of its rival, according to an industry report. “Bloomberg, even in difficult economic times, sticks to its knitting," said an analyst.
LP has a market share of 30.44% in 2011, compared to
The market data and analysis industry has a new leader. Bloomberg LP has finally pulled ahead, with 30.44% market share in 2011 versus longtime rival Thomson Reuters' 30.05%, according to a report released Wednesday by Burton-Taylor International Consulting.
Bloomberg's move into first place has coincided with troubles at Thomson Reuters, which replaced its CEO at the end of last year following disappointing results for the Eikon market-data desktop product that the company launched in 2010.
Overall spending on market data and analysis reached a new high in 2011, growing 6.1% over the prior year to $24.94 billion, according to Burton-Taylor. Even so, the year ended on a down note amid “uncertainty in the Western European economies and late-year contraction by market data users,” Douglas B Taylor, managing partner of Burton-Taylor, said in a statement.
“Much of the revenue growth was the result of price increases, currency conversions, and non-data related turnover such as transaction fees,” he said. Manhattan-based Bloomberg has been gaining on its rival for years. In 2007, the year Thomson Corp. and Reuters Group agreed to merge, Bloomberg had 26% of the market, against Thomson Reuters 36%.
Completed in 2008, the merger made the global giant less competitive for awhile, as management focused on integrating two companies in what would soon become a tough economic climate. And by the time Eikon was launched, its customer base was still recovering from a devastating recession.
“They were trying to rebuild a new company and build a new product at the same time,” Mr. Taylor said in an interview. “Bloomberg, even in difficult economic times, sticks to its knitting.”
A spokesman for Thomson Reuters declined to comment.
by Matthew Flamm
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