Twitter Inks Streaming Deal With Cheddar Amid Buyout Rumors
Zacks Investment Research | Sep 13, 2016 08:59AM ET
After NFL, NBA, Bloomberg and more, Twitter Inc. (NYSE:TWTR) has signed yet another live streaming deal. This time around Twitter has brought on board live video news network, Cheddar, which will broadcast Opening Bell markets coverage live, daily from 9 am to 10:30 am EST and Closing Bell coverage from 3 pm to 4 pm EST.
Twitter CFO Anthony Noto said “Partnering with Cheddar will give people on Twitter another way to watch and discuss the day's top stories as they unfold live all on one platform." Cheddar CEO Jon Steinberg on the other hand said "We are thrilled and proud to make it the exclusive free to access platform for our new hour of closing bell coverage 'Finance Twitter' is giant, and we are excited to be its digital-first closing bell network."
Twitter is now going full throttle with “live”. It is exploring options beyond live news and the series of diverse live streaming deals are a reflection of that. The company inked streaming deals with CBSN to stream both Republican and Democratic conventions. It also brought on board Bloomberg. Twitter will be live streaming market coverage as well as air several Bloomberg shows. Twitter live streamed special Wimbledon coverage, which is important as the company gears up to live stream 10 NFL matches. It won the rights to stream NFL for $10 million in April.
The first NFL match this Thursday is an acid test for Twitter. Its brand advertising business is struggling. With NFL, the company hopes to bring in more users and at the same time help marketers reach a younger demographic, mostly millennials, through its Amplify program. At its last earnings conference call, Twitter said that online video budgets are over $10 billion alone in the U.S and streaming deals will fuel a “long-term shift away from desktop video to premium mobile environments and we believe Twitter is well positioned to benefit from that shift.” The company has collaborated with the likes of Anheuser-Busch InBev, Nestlé, Sony Pictures, and Verizon for ad packages for NFL games that will be streamed this month.
Apart from NFL, it has collaborated with NBA and Major League Soccer, NHL. It has also signed a deal with 120 sports and Pac-12 networks to stream collegiate sports events.
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