Financial data and information giant Bloomberg LP has exceeded $10 billion in annual revenue, Business Insider reports. Reaching the long-awaited milestone also means the media company’s long-term employees will receive an additional bonus worth tens of thousands of dollars due to an incentive plan set by the firm back in 2010. The initial push for revenue gains promised a bonus equal to 70% of an employee’s average pay, provided Bloomberg would reach the expected milestone by June 2014. After the date, the percentage was to decline gradually.
According to a report published on LinkedIn by analyst Jennifer Miton, Bloomberg was finally able to hit the $10B milestone thanks to the revenue diversification efforts put into motion over the course of 2018. The company’s additional revenue channels, including data and research tools, now account for 23% of total revenue, outpacing the growth of the terminal revenue in 2018.
Bloomberg has made some inroads in the crypto world. For instance, the firm partnered with Galaxy Digital to create an index tracking the industry.