Five months after launching in the US, Bloomberg's TicToc is ready for advertisers in the APAC region.
With over 1 million daily active readers and seven founding advertisers, the platform aims to marry the real-time nature of Twitter with the quality journalism of Bloomberg.
Over 2,000 journalists from Bloomberg supply journalism to the platform in real time, while direct relationships and media buy agencies bring advertisers onto the platform.
According to Maya Hari, the VP and managing director for Twitter in the APAC region, the revenue split between Bloomberg and Twitter was agreed on win-win terms.
Unlike traditional relationships that advertisers have with large media organizations such as Bloomberg, the barrier to entry in becoming a customer is much lower, democratizing access to develop an association with premium content and premium readers.
TicToc represents one of many co-monetisation initiatives between Bloomberg and Twitter.
According to Parry Ravindranathan, president & MD for International, Bloomberg Media at Bloomberg LP, the run-up to the US elections and debates were also co-monetised.
"We tested for a while and then it came from both sides that it makes sense for us to partner as this works from a monetisation perspective and a content perspective," he said.
Ravindranathan looks as TicToc as the breaking news network of the future, which he says explains the surge of advertisers gravitating towards the built-for-Twitter 24-hour news network.
"Twitter is the breaking news platform of the world," said Ravindranathan. "We are trying to create the breaking news network on that platform."
He added that while some media companies take TV content on to Twitter, this is the first initiative where content is being built around a platform.
Given that CNN cancelled The Update, its made for Snapchat daily show in May 2017, this assertion can be true.