Bloomberg has rebranded its social video news network TicToc in a move described by the company as "a key step" in the channel’s evolution.
The network will now be known as QuickTake by Bloomberg and will merge with Bloomberg’s existing digital video operations to become one editorial studio as the business prepares to launch a streaming news channel in 2020.
The move is likely to have been prompted by confusion between TicToc and TikTok, the short-form social video platform that has taken the world by storm – although Bloomberg did not make reference to its near namesake.
Comprising one- to two-minute immediate reaction videos as well as longer-form narratives, QuickTake will be used to deliver social-first video on breaking news stories and provide a wider context on issues surrounding tech, business and culture.
"With a combined editorial video studio and greater resources, QuickTake by Bloomberg will continue to innovate the way news is delivered to cover the modern social news cycle at the pace of global news today," Justin B Smith, chief executive of Bloomberg Media, said.
"Streaming video is a key priority for Bloomberg Media’s growth strategy as we see bright opportunity in the OTT [over-the-top] space, especially in the world of news."
First launched in 2017 via Twitter, TicToc generates more than 90 million monthly views from a primarily younger audience, boasting a 79% increase in audience size in the past year.
However, with up to 625 million active users, ByteDance's TikTok has very much monopolised the clock-based name, with users spending an average of 53 minutes a day on the video platform.
"We think TicToc fits well with Bloomberg QuickTake," John Micklethwait, editor-in-chief of Bloomberg News, said. "Both brands deliver smart, concise context to explain the news.
"We also think our newly aligned QuickTake digital video studio will be a powerful asset in a world where the number of platforms for high-quality video is multiplying."