Tech
Inside Bloomberg Media’s regional expansion plan into an economically uncertain U.K.
Almost every downturn presents an opportunity to take advantage of change and win — even for publishers. For Bloomberg Media, that opportunity is to become a bit more mainstream.
No, it’s not a new goal. Bloomberg Media has been trying to push beyond financial circles, the cornerstone of its business , for nearly a decade. At times, those ambitions have been realized. But arguably, that hasn’t happened enough. Bloomberg Media is still most famous for producing financial software most people have never heard of, let alone use. Still, if there’s ever going to be a time when a financial publisher wins over new readers then a global economic crisis is as good as any.
The plan is straightforward enough: expand regional editions in promising markets where it already has a strong editorial base.
First stop: the U.K.
It may sound like another strange move by Bloomberg Media. The U.K. is mired in a cost of living crisis, after all. But it’s a crisis that — at least for now — is hitting lower income households hardest. There are many other people who continue to pay inflated prices for the goods and services they want as evidenced by the profit margins to emerge from Q1. Bloomberg Execs are hoping this extends to business journalism — especially as its own subscriptions in the U.K have been on a tear (growth was up 30% in 2021 alone). And they may have a point. The current economic plight is a big story that’s only getting bigger. It’s not hard to see why those who can afford a Bloomberg subscription might buy one.
“We’ve been here in the U.K. for a long time with a newsroom of over 500 journalists and analysts, but we’ve always served the core reader that is the Bloomberg terminal customer that has used our news service,” said David Merritt, senior executive editor at Bloomberg News. “But we’ve never thought about packaging and promoting our work to the broader audience in the UK who are interested in business and finance.”
This is the real litmus test for how well Bloomberg Media’s plan works, if at all. It can’t win over the broader audience Merritt previously cited by chasing stories only the likes of bankers and financial traders would read. Now, there’s a clearer focus on what people across the U.K. might want to know about the economy. This puts Bloomberg Media up against the likes of the Financial Times and the Times — staples of business journalism in the U.K.
Moreover, it’s willing to spend money to do it.
Indeed, several high-profile, senior journalists have already been hired including BBC broadcaster Emma Barnett, the editor of Politico’s London Playbook newsletter Alex Wickham and senior tech investigations reporter from NBC News Olivia Solon. And more are on the way, said Merritt. The communities that follow those high-profile hires are more important than ever to publishers that are trying to become less reliant on advertising and more dependent on subscriptions and other direct business models.
“You need more personalities to pull people in these days,” said Merritt. “You look at the site today and you’ll see there are the headshots of the columnists — that’s new. We’re leaning a lot more into that. If you clock on a story there’s an option now to follow the author so you can get alerts for everything that person says and does.”
Which is to say those individuals are more central to the growth of the institutional Bloomberg brand. Barnett’s weekly interview series “Emma Barnett Meets…” launched in January and continues to air throughout the year. There’s also a host podcast and radio shows being fronted by talent at the publisher including a live daily political show.
“No one doubts the coming months are going to be tough because households will have to make difficult decisions across all aspects of their budget, and advertising will inevitably be softer,” said Douglas McCabe, CEO of Enders Analysis. “However, the other big theme of our times is a renewed confidence in the role and purpose of U.K. media in all its manifestations — PSBs, production, publishing, agencies, news services. Online advertising will keep growing in a tough economic climate.”
Commercially, Bloomberg Media’s local push should be all upside — at least in theory. Subscription opportunities aside, there’s a lot more ad inventory being created, whether it’s on TV, online, at events, even on podcasts. This way marketers get more of what they want, said Duncan Chater, managing direcor of Bloomberg Media in Europe.
Half of the publisher’s revenue comes from advertising, and a further 25% from online subscriptions, with the other half coming from events, global partnerships and licensing deals. Nevertheless, subscriptions continue to be a priority despite it being a relatively young part of the business. Since Bloomberg Media launched its online subscription venture in 2018, it now has around 380,000, more than half (66%) of whom pay the full price. The best way to make money in media is, as always, in lots of ways.
“From a revenue perspective, we’re on the back of eight record consecutive quarters,” said Chater. “Our Q1 revenue in this region is up 87% year-on-year and that’s on the back of a record Q1 last year. So there’s a huge demand for this very precious audience that we reach. In fact, we reach 100 million business and world leaders every month.”
This will be like catnip to some marketers — those that want to, and can afford to, pay a premium to advertise on renowned titles like Bloomberg. Dwindling trust, differentiation and budgets have heaped pressure on marketers to demonstrate the value and impact of their brands. Capitalizing on that angst is key for a media business that generates around 90% of its advertising revenue from branded content. The rest of the ads business is built on a mix of programmatic direct and programmatic guaranteed deals.
“Every business right now needs to communicate their purpose and vision in a different way,” said Chater.
Tech
Nvidia GeForce RTX 3090 vs. AMD Radeon 6950 XT: Which GPU should you buy?
The AMD Radeon RX 6900 XT has been an interesting GPU this generation. It’s both cheaper than the competing Nvidia GeForce RTX 3090—and sometimes faster, too. It’s now been refreshed with the RX 6950 XT, a late entrant into the tumultuous GPU market. Nvidia has also done its part with the GeForce RTX 3090 Ti, which brings impressive performance, albeit with a high cost and power draw at 450W TDP.
With the original RTX 3090 price recently decreasing slightly, it makes for an interesting comparison against the newer AMD RX 6950 XT. The RTX 3090 Ti offers more performance, but is significantly outside of the price bracket of the RX 6950 XT. Is this AMD refresh enough to push performance for AMD ahead of Nvidia, even in the murky waters of ray tracing? More importantly, does it move the needle for high-end gamers enough for them to switch their allegiance from Nvidia to AMD? Let’s find out!
Sapphire RX 6950XT
Brad Chacos
Nvidia RTX 3090 vs. AMD 6950XT: Price
Relax. You can easily find both GPUs in stock now at most retailers, and generally at close to MSRP. The GPU market has experienced a significant downturn during the last several months, with prices quickly dropping from their stratospheric levels.
The AMD RX 6950XT comes in at a $1,099 MSRP for the reference model, and some third-party models range from $1,199 to $1,299. A modest bump from the $999 6900XT pricing—but it does not mean they’re a great deal. With the declining GPU market and murmurs of the next-generation GPUs coming out this year, it has significantly dampened demand and enthusiasm for this level of GPU.
The Nvidia RTX 3090 has also experienced much lower demand, resulting in quickly falling pricing. While you’re still unlikely to find a $1,499 Founders Edition at MSRP, most models such as those from the EVGA RTX 3090 lineup have experienced a significant price drop, coming in as low as $1,609 for the Black series. (The 3090 Ti debuted at $1,999, a big increase over the RTX 3090—and it’s already being discounted at many retailers, too)
The pricing on the used market is even lower, however, with RTX 3090s dipping close to the $1,200 mark in many cases.
Neither model is a great price-to-performance choice this late into the release cycle, however. Most high-end gamers who don’t have a top-tier GPU will likely be best served by waiting for the next generation this year.
The AMD RX 6950 XT is the latest to test its mettle against Nvidia.
Thiago Trevisan
Nvidia RTX 3090 vs. AMD 6950XT: Performance
AMD certainly threw in a surprising performance with the original 6900 XT—it was able to match or beat the RTX 3090 in certain games and scenarios. Has the RX 6950 XT finally crossed the Rubicon in all performance areas? Not quite. When it comes to ray tracing performance, the RTX 3090 is still out ahead. (Check out Brad Chacos’ review for a deeper dive on the new AMD refreshes.)
Thiago Trevisan
In games such as Watch Dogs Legion with traditional rasterization, we can see the AMD RX 6950 XT performing as well or better than the RTX 3090 (especially at lower resolutions). This trend continues in other games such as Horizon Zero Dawn, where it’s able to keep up with the RTX 3090. Game after game, both GPUs trade blows and are highly competitive with each other.
Both GPUs have party tricks up their sleeves for performance, too. AMD has Smart Access Memory that can boost performance when coupled with a Ryzen CPU, along with Radeon Super Resolution. This will give it significant boosts in many games, besting the RTX 3090 in some cases, as shown below in Horizon Zero Dawn. Nvidia also has DLSS technology that does wonders for keeping graphical fidelity and high frames simultaneously—which is a gamer changer when paired with ray tracing.
Thiago Trevisan
What happens when we introduce ray tracing? That’s where Nvidia’s RTX 3090 still holds an advantage over AMD. The 6950 XT does not have upgraded ray tracing hardware when compared to the 6900 XT, keeping it behind the Nvidia RTX GPUs in this case.
It can be argued that there are diminishing returns for ray tracing visuals and performance, with varying results. The technology puts insane strain on performance, lowering frame rates significantly until you claw some back with the help of an upscaling technology like DLSS or AMD’s FSR. The visual impact doesn’t always make losing that performance worthwhile, either. But when it comes to the “halo” GPUs like these, ray tracing can be part of the reason you get a high-end GPU in the first place; you want to turn all the eye candy up to Ultra, including ray tracing. Paired with Nvidia’s DLSS, the performance penalty can be mitigated, and the visuals enjoyed fully.
This is one big advantage of the RTX 3090 versus the newer 6950 XT—maximum performance and visuals matter when you’re spending way over $1,000 for a GPU. AMD’s ray tracing hardware is a generation behind Nvidia’s implementation, while its DLSS rival, FSR 2.0, is great but still in its infancy, with only a handful of games supporting the fledgling technology at this point. That means ray tracing is best experienced at 1440p resolution on the 6950 XT, while you can usually crank ray traced games even at 4K on the 3090. If you’re not interested in ray tracing however, the 6950 XT is a mighty fine choice for significantly less cost.
Let’s not forget that the RTX 3090 is certainly better geared towards content creation and other workstation use cases, as well. With a whopping 24GB of GDDR6x VRAM, it will handily beat the 16GB RX 6950 XT in most content creation tasks. The 3080 Ti would be a more reasonable competitor to the 6950 XT in this case as a pure gaming solution.
Nvidia RTX 3090 vs. AMD 6950 XT: Power and other things to know
The RTX 3090 packs a TDP of 350W, with many third-party models eclipsing 400W. The RX 6950 XT comes in a 335W TDP, which is reasonable for the performance that it puts out. Remember, the 3090 Ti is already up to 450W TDP—so next-generation offerings will likely go up significantly in requirements.
You’ll want a minimum of a 750W power supply for both, but we’d recommend you up that even higher for future proofing—as high-quality power supplies tend to last a long time.
You’ll need a case with good airflow for both these options, and better clearance than lesser GPUs require. (They’re often wrapped in a nice, thick, beefy air coolers to keep their temperatures in check.)
Which is the better option for water cooling? We’d argue that the RTX 3090 is, since it likely will have a wider range of water blocks available on the market. Plus, with its steaming-hot VRAM, it often benefits more from taking a deep swim versus the typically cooler RX 6950 XT.
So, is the 6950 XT enough to best the RTX 3090?
The 6950 XT is a slightly more powerful addition to the high-end AMD lineup, putting up an impressive performance versus the RTX 3090. It’s simple: If you’re playing at higher resolutions and want to use ray tracing, Nvidia still holds an advantage here. DLSS and the Nvidia encoders are also great technologies that serve people well.
If you’re after pure frame rate goodness—without as much ray tracing, the 6950 XT can be often a much better choice than the RTX 3090, especially in sub-4K resolutions. AMD offers great technologies such as FSR, Smart Access Memory to really up the performance too.
So, who wins? Unfortunately, the 6950 XT comes in too late in the release cycle to be relevant in the rapidly declining GPU market, making it an expensive option. The aging RTX 3090 is a similar story. Its high price was never a very good option for purely gaming—making better use for hybrid content creators/gamers instead. The RTX 3090 Ti is an even worse value proposition this late into the story, making it only relevant for a few high-end enthusiasts who don’t mind the price tag.
3090 Ti: The symbol for diminishing returns in an ever changing market. Beautiful, but flawed!
IDG
The verdict: This is a good ole’ fashioned standstill. We’d wait out the market a few months as both will experience even steeper declines in price with the introduction of the next generation. Otherwise, if you really must have one now, the decision will come down to ray tracing preference and resolution you’re playing at. Both GPUs will give you good, all-around performance for years to come—but neither are a great choice right now as the GPU market is rapidly changing this year.
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Tech
Receive near instant feedback on logos, images, text, and more with Helpfull
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You might find Helpfull particularly valuable if you’re an app developer or work in QA. QA Specialist Karla Q writes, “Helpfull is a great service to use if you need feedback in real time. In a very interactive and fun way that makes you excited to view the results.”
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Tech
Confessions of an in-house creative strategist on feeling unfulfilled, difficulty in returning to agencies as the ‘pay is less’
The war for talent between agencies and brands’ in-house agencies has cooled. Even so, for adland talent who’ve made the move in-house, some say they are looking to go back to agencies after feeling creatively stifled. It’s not the easiest strategy to execute.
In the latest edition of our Confessions series, in which we trade anonymity for candor, we hear from an in-house creative strategist about their experience, why they want to go agency-side now and how pay is keeping them from doing so.
This conversation has been lightly edited and condensed for clarity.
What’s the in-house experience like?
I’ve been in-house for about a year. It’s very one-sided. The difference between agency and in-house is that with agencies, there [are] a lot of opinions and ideas [outside of the brand message] that go into creative. With in-house, you have the brand’s message and all creative is reflective of the brand’s message. With in-house, regardless of trends in the market, it’s a lot of ‘we’re going to stick to this one way of doing things’ mentality. It’s a lot of opinions about what the creative should be based on what it has been before. It makes it hard to introduce something fresh. It makes it hard to hire or be a new hire. If you’re not actually going to adhere to advice from new hires, what’s the point in getting new people? Are you just bringing people on board for a second opinion? That’s what it feels like.
Sounds like you don’t have the creative control you desire.
It feels like more of a second opinion role than to get something to manage or control. [Where I am now] it feels like we’re leaning more into what [our strategy] used to be than thinking about what we could be. That’s a big issue with in-house. With agencies, like I said, there’s a lot more trial and error. With in-house, a lot more of this is what we’re doing, these are the funds we have and this is what has worked in the past. In reality, a lot of what worked in the past, when you put it back into the market, it’s not going to work anymore.
Why do you think it’s more challenging to get to a new creative strategy in-house?
With agencies, you have multiple perspectives. You’re working on multiple brands. You can see something working for another brand and talk to your client about it. You can pivot. You have the background and perspective to [pitch that pivot]. When you’re in-house, you only have the knowledge of your brand and what’s working for you.
Are you looking to go back to agencies?
Personally, I am looking to go from in-house to agency but I get paid a lot more being in-house than what I’ve been offered at agencies. I’ve been in interviews with agencies where they’re telling me that I’ll be learning [programs I already know how to use] so that’s why the pay is less than what it should be. There are agencies I’ve interviewed with who ask me to move to New York for less than what I make now and make that work. [With inflation,] there’s no reason why salaries aren’t also increasing.
So you’d like to make the jump creatively but it’s hard when the compensation isn’t up to what in-house offers?
It’s hard. I’ve been lowballed, too. They’ll post a salary for a position, go through the interviews and then offer less than what’s listed on the salary description. What was the point of putting the salary range there? I feel like people are putting salary ranges on job descriptions just to attract people with the experience that they are looking for but by the time they make the offer, it’s not what they said it would be. It’s offensive.
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