BloombergQuint: Growing Users With WhatsApp

Abstract

BloombergQuint (BQ), a financial and business news provider, was launched as a joint venture between Quintillion Media (QM) and Bloomberg in April 2016. In the competitive landscape of business news broadcasting in India, BQ started out by providing stock updates, financial sector news and opinion articles on financial issues on its website. It began delivering video content in September 2017. It had applied for a television broadcasting licence and awaited approval from the Indian Ministry of Information and Broadcasting. Lacking a television presence, BQ found it necessary to use alternate distribution channels to ensure that its content reached a wider audience.

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

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Resources

Exhibit 1: Note on Main Segments of Indian Media Landscape

Television

According to FICCI-EY’s report on the media and entertainment sector (2018), the number of licensed private satellite TV channels reached 877 in 2017, out of which 389 were news channels and 488 were non-news channels. Also, 300 channels were pay channels while 577 were free-to-air channels. Broadcasters earned 40% of their revenues (INR 267 billion out of INR 594 billion in 2017) from advertising.

Print

According to the FICCI-EY report (2018), the print segment was the second largest segment of the media sector and was estimated to be worth INR 290.4 billion. While magazines accounted for 4.3% of the total print segment, the segment was largely driven by newspapers (English, Hindi and other vernacular languages). Advertising accounted for 71.25% (INR 216.2 billion out of INR 303.4 billion in 2017) of print segment revenue.

Digital Media

According to FICCI-EY (2018), digital media led the growth chart. This uptake for digital media was largely driven by smartphones, which had reached 33% penetration in India, the second largest smartphone market in the world. Advertising accounted for 96.63% of the digital media segment’s revenue (INR 114.9 billion out of INR 118.9 billion in 2017), far ahead of subscriptions, the other source of revenue.

Radio

According to FICCI-EY (2018), youth were the key driver of growth for the radio segment. Being a free medium, the radio segment depended entirely on advertising for revenue. It was expected that digital media, largely through the use of audio OTT, would provide an opportunity for radio to make its content relevant to premium audiences.

Table Exhibit 1: Revenue for Main Segments in Indian Media

Segment

Calendar Year 2016

Calendar Year 2017

Calendar Year 2018E

Calendar Year 2020E

CAGR (2016–2020)

Television

594

660

734

862

9.8%

Print

296

303

331

369

5.7%

Radio

24

26

28

34

8.6%

Digital Media

92

119

151

224

24.9%

(All figures in INR billion, 2018 and 2020 figures are estimates.)

Source: Prepared by authors on the basis of information available from FICCI and Ernst & Young. (2018, March). Re-imagining India’s M&E sector. Retrieved from http://ficci.in/spdocument/22949/FICCI-study1-frames-2018.pdf.

Exhibit 2: Details of Marketing Team Members at BloombergQuint

Data shown in the organizational chart are listed as follows:

  • Ankit Dhadda (Head of Marketing and Products)
    • Akanksha Bhatli
      • Offline Events, Marketing, and Partnerships
    • Bhoj Devaraj
      • Advertiser Campaign Management
      • Client Servicing
      • Reporting and Analytics
    • Anup Raut
      • Brand and Partner Marketing
    • Sakshi Uniyal
      • Brand Ideation
      • Campaign Execution
    • Ankit Dikshit
      • Product Marketing
      • Online Subscription Business

An organizational chart shows the core marketing team of BloombergQuint.

Source: Prepared by the authors, based on inputs from the company.

Exhibit 3: Target Audience Persona

  • Top-level executives such as Chief Executive Officers, Chief Financial Officers, and Chief Technology Officers.
  • Individuals investing on behalf of others
    • Brokers
    • Working with different brokerage houses
  • General audience who may or may not be users of stock market news

Source: Provided by the company.

Exhibit 4: Advertisements Created for the “Jobs First” Campaign

Four advertisements are placed one below the other with the tagline “Budget 2017. India is waiting” with different pictures each depicting a different scenario.

The first advertisement shows the picture of a man lying on a bench in an open ground. The tagline highlights “First Jobs. Then 100 Smart Cities.”

The second advertisement shows a desert landscape with the picture of a man holding the reins of his camel. The tagline highlights “First Jobs. Then Incredible India.”

The third advertisement shows the picture of an isolated lane where all the shops are closed and the shutters are down. The tagline highlights “First Jobs. Then Digital India.”

The fourth advertisement shows the picture of people deeply engrossed in their thoughts while drinking tea. The tagline highlights “First Jobs. Then Cashless Economy.”

Four photos show the marketing campaign advertisements of Bloomberg|Quint.

Source: Provided by the company.

Exhibit 5: Short Note on WhatsApp

Mobile messaging apps have become popular all over the world due to their low cost and better functionality compared to messaging services such as the short message service (SMS) or multimedia messaging service (MMS). WhatsApp, Facebook Messenger, QQ Mobile and WeChat are among the leading mobile messaging apps, with each having specific functionalities that make them popular with different audiences. In India, WhatsApp dominates the mobile messaging space, leading other applications such as Facebook Messenger, Telegram and Hike.

Launched in 2009, WhatsApp has emerged as the most widespread among all mobile messaging apps, with 1.2 billion active users across the globe in 2016. It has become the default messaging application in countries like India and Brazil. While some mobile messaging apps (e.g., WeChat) have made provisions for various brands to reach out to customers through their platforms, WhatsApp forbids the use of its channel for commercial purposes. This has not stopped users from making use of WhatsApp to spawn a number of business ideas, including the use of WhatsApp for commercial transactions. India constitutes the largest market for WhatsApp, with more than 200 million WhatsApp users in 2017. Many of these users, mostly in the informal sector, employ WhatsApp to buy and sell products, in addition to its regular use as a communication medium.

The popularity of WhatsApp has also resulted in its misuse for disseminating fake news, misinformation, political campaigning, and in some cases, for inciting violence and rumour mongering. The Indian government has been critical of WhatsApp’s management for failing to curb fake news and failing to help investigative agencies track offenders.

Source: Prepared by the authors.

Exhibit 6: Growth of Subscribers for BQ WhatsApp News Service

Months

Added

Total Active Users

November 2017

21,755

21,755

December 2017

27,847

49,602

January 2018

16,895

66,497

February 2018

10,257

76,754

Source: Provided by the company.

Exhibit 7: Flow Map of BQ WhatsApp News Service Referral Programme

The screenshot is labeled “Step 1: Message to be shared with friends.” The screenshot displays three text messages.

The first message reads:

Refer, and was received at 6.52 PM (followed by two tick marks)

The second text message reads:

Just forward the below message to your friends and help them get smarter about business. You may forward the below message to WhatsApp chats, WhatsApp groups, Facebook, Twitter etc., and was sent at 6.52 PM.

The last message is a forward message of Bloomberg Quint labeled within a square, which reads:

Bloomberg|Quint. The smarter way to get your business news. Subscribe to Bloom…www.wbca.st.

Hi, I recommend you subscribe to Bloomberg Quint’s WhatsApp service. It is the smartest way to stay on top of the latest business news, trends and stock updates Live. Delivered to you from award-winning journalists at India’s premier business news brand.

https://www.wbca.st/sfSRS4w, and was sent at 6.52 PM

Step 1: Message to be shared with friends

A screenshot shows BQ WhatsAPP text messages related to BQ subscriptions.

The screenshot is labeled “Step 2: Message received by friend.” The screenshot displays three text messages dated 31 July 2018.

The first message reads:

Messages to this chat and calls are now secured with end-to-end encryption. Tap for more info.

A lock symbol icon is displayed before the message.

The second message reads:

Your friend ( ) has invited you to join Bloomberg Quint on WhatsApp. You will get daily business news, trends and stock updates for FREE. To start, please send this message in this chat and ADD this number to your phone book, and was received at 6.52 PM.

The third message reads:

Welcome to BloombergQuint. One final step-

WhatsApp users – please save this number to start receiving BQ updates.

FB Messenger users – You are now subscribed and don’t require any further steps to start.

You will receive 5–8 updates a day.

To use best of this service, you can

Step 2: Message received by friend

A photo shows screenshot samples of the BQ WhatsAPP text messages related to BQ service referrals.

The screenshot is labeled “Step 3a: Message received by sender if friend accepts BQ WhatsApp service.” The screenshot displays two text messages.

The first message is a forward message with Bloomberg Quint labeled within a square, which reads:

Bloomberg|Quint. The smarter way to get your business news. Subscribe t…www.wbca.st.

Hi, I recommend you subscribe to Bloomberg Quint’s WhatsApp service. It is the smartest way to stay on top of the latest business news, trends and stock updates Live. Delivered to you from award-wining journalists at India’s premier business news brand.

https://www.wbca.st/jas0jcw

The second message reads:

Congratulations! Your friend ( ), has joined to Bloomberg Quint’s WhatsApp service! You have now invited 69 friend(s). You are a great business influencer! Thank You for spreading the word. Send REFER to invite more friends and reach your next milestone.

Step 3a: Message received by sender if friend accepts BQ WhatsApp service

A screenshot shows the BQ WhatsAPP text messages related to the BQ WhatsApp Service subscription acceptance and a referral message.

The screenshot is labeled “Step 3B: Message received by sender if friend is already BQ WhatsApp service user.” The screenshot displays two text messages.

The first message shows a downward arrow in the middle of a box. Beneath the box, the text message reads:

BQuick!

- Sensex rejig

- PSU bank chiefs empowered

- Maharashtra government’s promise to farmers

The second message reads:

Oops! It seems your friend ( ) is already a Bloomberg Quint WhatsApp subscriber. You can invite other smart friends who you think want to stay on top of the latest business on WhatsApp.

Step 3b: Message received by sender if friend is already BQ WhatsApp service user

A screenshot shows the BQ WhatsAPP text messages related to top three news alerts on a topic and request for referrals.

Source: Provided by the company.

Exhibit 8: Communication on Referral Programme Rewards

First rectangular box reads:

Last few hours to WIN Zomato Gold. You are one of the top referrers so far. We suggest you maintain the lead and WIN. REFER more friends. All the best!

Second rectangular box reads:

Last few hours left to WIN the passes for The Traders Carnival. You are slightly away from the top referrers and to get the lead you may invite more friends. Send REFER to this chat.

Two rectangular boxes show the content related to referral rewards.

Source: Provided by the company.

Exhibit 9: Growth of Subscribers for BQ WhatsApp Service With the Referral Programme

Months

Added

Total Active Users

March 2018

27,323

104,077

April 2018

50,122

154,199

May 2018

43,957

198,156

June 2018

27,885

226,041

July 2018

43,428

269,469

August 2018

42,110

311,579

September 2018

39,791

351,370

October 2018

38,963

390,333

Source: Provided by the company.

Exhibit 10: Sample of Stockbot Communication Through WhatsApp

The screenshot shows two messages.

First message reads:

Stock infy, and was received at 3.43 PM (followed by two tick marks).

Second message reads:

Here are the details about Infosys Ltd.

BSE

Current Price: 1409.45

Trend: Gaining

Change Percentage: 1.75%

Change value: 24.25

NSE

Current Price: 1408.75

Trend: Gaining

Change Percentage: 1.68%

Change value: 23.3

To know more about Infosys Ltd. On Today’s Price Stats, Stock DNA, Fundamentals, Moving Averages, 52-week Low/High etc.

Click https://www.wbca.st/GOQeRw

A screenshot shows the BQ WhatsAPP text messages related to Sensex news alerts.

Source: Provided by the company.

Exhibit 11: Samples of Newsbot Communications Through WhatsApp

The screenshot shows three messages.

First message reads:

Stocks Radar: Jet Airways, Aurobindo Pharma, Eicher Motors

https://www.wbca.st/ROMyKQw, and was sent at 3.41 PM.

Second message reads:

#Top news, and was received at 3.42 PM (followed by two tick marks).

Third message reads:

Based on your question, I think you want to read this:

How PVR Stands to Gain from SPI Cinemas’ Acquisition

https://www.wbca.st/LuFeGw

Paytm’s Mutual Fund Platform To Go Live This Month As It Expands Services

https://www.wbca.st/kEhNj2w

Should You Continue Investing More In Britannia? #Ask BQ

https://www.wbca.st/JHIamFw

A screenshot shows the BQ WhatsAPP text messages related to Stocks Radar and Top news alerts.

The screenshot shows four messages.

First message reads:

#airline, and was sent at 3.41 PM (followed by two tick marks).

Second message reads:

Based on your questions, I think you want to read this:

Stocks Radar: Cipla, Jetairways, Coal India

https://www.wbca.st/m1UoQmw

BQuick on August 10: Top 10 News Stories In Under 10 Minutes

https://www.wbca.st/AE6dNJw

Stocks Radar: Jet Airways, Aurobindo Pharma, Eicher Motors

https://www.wbca.st/ROMyKQw, and was received at 3.41 PM.

Third message reads:

#Top news, and was received at 3.42 PM (followed by two tick marks).

Fourth message reads:

Based on your question, I think you want to read this:

How PVR Stands To Gain From SPI Cinemas’ Acquisition

A screenshot shows the BQ WhatsAPP text messages related to #airline, and #Top news Stockbot communications.

Source: Provided by the company.

Exhibit 12: Samples of Stock Watchlist Communications Through WhatsApp

The screenshot is titled “adding stocks to BQ Watchlist.” The screenshot shows two messages.

First message reads:

Add WIPRO, and was sent at 4.01 PM.

Second message reads:

I have added Wipro Ltd. (ID: 507685) to your stock watchlist.

You can set your alerts by typing:

- wl set alert1 to time

- wl set alert1 to time

- wl set alert1 to time

e.g. wl set alert3 to 12 am, and was received at 4.11 PM.

An image of a keyboard is shown below with text Hi I Will.

Adding stocks to BQ Watchlis

A screenshot shows the BQ WhatsAPP text messages related to the alert mechanism in Newsbot communications.

The screenshot is labeled “Removing stocks from BQ Watchlist.” The screenshot shows two messages.

First message reads:

You can set your alerts by typing:

- wl set alert1 to time

- wl set alert2 to time

- wl set alert3 to time

e.g. wl set alert3 to 12 am, and was received at 4.04 PM.

Second message reads:

Remove TCS, and was sent at 4:04 PM.

The third message reads:

I have removed Tata Consultancy Services Ltd. (ID 532540) from your stock watchlist, and was received at 4:04 PM.

An image of a keyboard is shown below with text Hi I Will.

Removing stocks from BQ Watchlist

A screenshot shows the BQ WhatsAPP text messages related to alerts in Stock Watchlist communications.

The screenshot is labeled “Setting time for alerts in BQ Watchlist.” The screenshot shows three messages.

First message reads:

- wl show

- wl add stockname

- wl remove stockname

- wl set alert to time

- wl activate/deactivate

You can type the stock name like Infosys Ltd. on the id 500209, and was received at 6.37 PM.

Second message reads:

Wll set alert2 to 7 pm, and was received at 6.37 PM (followed by two tick marks).

Third message reads:

Ok, I set your watchlist alert2 to 19:00, and was received at 6.37 PM.

An image of a keyboard is shown below with text Hi I Will.

Setting time for alerts in BQ Watchlist

A screenshot shows the BQ WhatsAPP text messages related to Stock watchlist communications.

The screenshot is labeled “Stock alerts sent by BQ Watchlist.” The screenshot shows two messages.

First image reads:

My Stocks, and was sent at 4:02 PM (followed by two tick marks).

Second message reads:

You currently have the following stocks in your watchlist:

Wipro Ltd.

- BSE:

- Current Price: 282.7

- Change Percentage: 1.31%

- NSE:

- Current Price: 281.85

- Change Percentage: 1.08%

Read more about Wipro Ltd.

https://www.wbca.st/fbjop3w

HDFC Standard Life Insurance Co Ltd

- BSE:

- Current Price: 464.05

- Change Percentage: 0.25%

- NSE:

- Current Price: 464.1

- Change Percentage: 0.17%

Read more about HDFC

Stock alerts sent by BQ Watchlist

A screenshot shows the BQ WhatsAPP text messages related to the stock watchlist.

Source: Provided by the company.

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

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