Given there's already a social appeal to getting a Bloomberg Terminal, why would they invest the development time/dollars? What's their ROI?
If it would cost a tiny, tiny fraction of their revenue to shore up their UI to make it harder for a future competitor to disrupt them, that seems like a worthy use of money.
One thing people fail to realise is while not initially intuitive once you get used to it the Bloomberg UX becomes muscle memory to instantly load (they force all but the smallest customers onto leased lines) exactly the data you wanted in a dense consistent (UX on any remotely popular function is reviewed and guidelines enforced) easy to read form.
But also remember how much it costs and what their clients are willing to spend. It's not for the wider internet.
Doesn’t that benefit the company long term ?
There maybe two distinct markets and Bloomberg can captilize on both perhaps ?
The newer UI could be built as completely new platform “Bloomberg lite“ targeted towards say folks who can only pay 10,000 USD per year or only say currency traders or whatever ?
If interest starts tilting in the favour of newer version you can slowly add features to near parity while moving the older version even more expensive bracket and getting the newer version closer to old pricing ?
If enough people don’t want the new one you try again something different in a couple of years , until you get it right .
For years their major customers tried to force them into offering an Instant Bloomberg (IM) only license because senior traders insisted their PAs had it. It was only after several senior banks (whenever a single bank had tried the top talent threatened to quit) forced their users to use symphony that Bloomberg relented.
If there is enough interest on the new product you add features to new version and start hiking the price of both so relative price difference remains similar. There will not be a negative impact on revenue in that approach
You could grow the new product in a different direction completely for whole new user who are ready to pay 10,000 but not 25,000. The 25k terminal is still aspirational and exclusive as it is now, if the premise that people are paying for the exclusive network is true both products can work on their own and 10k community can feed into 25k on, if not well there was never a moat to protect in the first place.
i.e. Paying $25k for an IM system for a PA or some basic trade management functionality for a middle office analyst is ludicrous.
But you're also not going to force the trader bringing in millions to run 5 different systems when he knows Bloomberg can do it all and your competitor would give it to him.
There have been a few newer functions that don't allow accessing everything by number shortcut and they're certainly not the most favourite parts of the terminal.
Despite this, they are sorta doing that.
This despite the fact that new features haven’t been released to the classic version for at least 3 years. Not only are they on a dated UI, they’re missing every single new feature that’s been released for several years (and that’s actually a shit load of features).