- real-time data on financial instrument prices;
- real-time news (own and syndicated);
- an email address (firstname.lastname@bloomberg.net) used to email and chat with other professionals on the Bloomberg network. This is like LinkedIn and WhatsApp combined for people in finance, and people can keep the address for two years after e.g. losing a job, so they can use the network to find a new role.
- analytical software: tools to calculate various KPIs to assess and analyze business opportunities.
- capability to transact: The BB terminal is not just an information system, it also permits you to buy and sell directly.
(My university has one BB terminal that MBA students can access and get training on.)
And every kind of price you can think of (almost). Crack spreads? River levels? Baseload power? Airline schedules? I am trying to think of more but it's truly VAST.
They have custom screens, configurable screens, custom settings (you want the generic futures contract to be rolled differently from the default? Sure...), option pricers and stuff I have never had to search for or look at.
They also have their own query language BQL for data queries and the BQNT platform is Python-based and optimized for use with the data.
If you just want the latest stock prices for your portfolio your online brokerage app probably does a better job.
The biggest miss right now is their ASKB AI chatbot, which is borderline moronic. It has to be some older model with low thinking/effort, because the first answer it gives is always broken in some way. Hallucinated functions or fields, outright wrong descriptions, etc. I don't even try to use the first answer anymore but ask it again to check its previous answer against verified and authoritative sources/documentation and will come up with many corrections. And then I do it again, and maybe a fourth time.
Maybe all they need to show massive improvement is a for loop of four iterations with the loop body being "are you sure, check the docs?" and return the result at the end.
Reducing the friction or feedback loop of information retrieval/analysis can change how people work just like repls and hotreloading did vs slow and long compiles
Oh, cool! An antitrust violation epitome!
It could be if they were the only one trying to offer this, but because it's so expensive, there are always multiple competitors trying to pick off their users. And when the next round of corporate cost cutting comes, they always come for the Bloomberg terminals, trying to push something cheaper.
But the cheaper alternatives are always inferior too (never mind the decades of muscle memory on Bloomberg).
Despite the price Bloomberg has maintained its number one position. I think in no small part that's also because their customer support is absolutely excellent. Press F1 twice and you're in a chat with the helpdesk; these days the initial query is triaged by AI of course, but for actual issues you're talking to a real human in less than a minute (sometimes just seconds), and these real actual humans typically have the expertise to help you. If not, the higher levels of support are good too. Don't underestimate this aspect!
But one of the Bloomberg’s main selling points, at least from the last discussion I’ve read on HN (and some of the comments here too), is the chat, which means there’s network effects at play. So you can’t just build a better terminal, you also have to convince the majority to switch.
(Though apparently Bloomberg Chat also supports email? Maybe the competitor can use that to interface with it, so it’s only “green bubble” bad, not “all your colleagues are there and you’re not” bad.)
The network effect is real and I don't think you can interface external email with it. You do get a Bloomberg email address as a user but I've never seen anyone in a chat with an external email only.
Next week it will be in Bloomberg Business Week, long after it had trading value. Bloomberg has its own news collection and analysis operation, bigger than almost all US newspapers.
Great value anyway. One of the only news sources focused on facts and meaningful stuff. Its been my go to news source for at least 15 years. I don't work in finance.