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For institutions, Bloomberg has depth of relationships and frankly, maintaining the status quo tends to be low-risk, and therefore preferred, for management.

For retail traders, independent investment managers, etc., it makes no sense to pay $25,000 per year for data you can get with us for $99 per month. We're excited to bring this to market with Feather!

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How about the added value of the chatrooms, which is a favourite whenever I talk to people using the terminals?

Yep, that's a fair point. We'll be building interactive communities as well. We expect our community to have many well-informed investors, and therefore expect the conversation to be value-add to everybody using Feather.

I mean here chat won't be as useful. The point with that chat is not the chat, it is the access to people who can spend 25k. Here you will only get normies who have nothing special to add.

Honestly, I’m skeptical that Bloomberg chat is really going to add much value to a random individual who springs for a Bloomberg terminal.

If you’re a bond trader at some bank and all the other bond traders are chatting on Bloomberg, you’re missing out. But they’re not going to chat with me even if I got myself a Bloomberg terminal.

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